AsemconnectVietnam - Vietnam’s industrial growth is put at 5.9 percent in January against the same period last year, data of the Ministry of Industry and Trade showed.

Some industries with significant growth last month were processing-manufacturing with 8.2 percent, electricity generation with 13.2 percent, mining with 4.2 percent, water supply with nearly 10 percent, motor vehicles with 16 percent, metal production with 14 percent, beverages with 15 percent and apparel with 12 percent.

By January 1, the inventory index of the processing-manufacturing sector had risen by 9.2 percent against a year ago. The sectors of beverage, leather and electronics recorded high inventory increases of nearly 96 percent, 27 percent and 90 percent respectively.

The hefty slump in oil prices has hit Vietnam’s oil and gas industry. Around 1.5 million tonnes of crude oil was pumped in January, down 7.2 percent year-on-year.

Regarding the steel industry, according to the ministry, January production of crude steel fell 7 percent to nearly 365,000 tonnes. Prices of steel products are forecast to remain unchanged as consumption in some regional markets like China tends to tumble and domestic demand is unlikely to rise.

As supply of construction steel has outpaced demand and China is boosting exports, the price of the product is unlikely to go up this year. This will force domestic steel makers to enhance cooperation to improve competitiveness and product quality.

Source: Intellasia