AsemconnectVietnam - The results of industrial production in the first quarter of 2024 showed many positive signs, creating momentum for economic recovery and development in the following months of 2024.

The information was given by the Ministry of Industry and Trade at a regular press conference at the end of March.
Mr. Bui Huy Son, Director of the Department of Financial Planning (under the Ministry of Industry and Trade) said that continuing the growth momentum since the end of 2023, industrial production in the first quarter of 2024 continued to prosper with added value across the board. The industry was estimated to increase by 6.18% over the same period last year (same period last year the figure decreased by 0.73%), contributing 2.02 percentage points to the increase in total added value of the entire economy. GDP in the first quarter of 2024 was estimated to increase by 5.66% over the same period last year, higher than the growth rate of the first quarter of 2020-2023.
According to Mr. Bui Huy Son, the notable point is that the processing and manufacturing industry was the growth engine of the entire economy with an increase rate of 6.98%, contributing 1.73 percentage points; the electricity production and distribution industry increased by 11.97%, contributing 0.45 percentage points; the water supply, waste management and treatment industry increased by 4.99%, contributing 0.03 percentage points; the mining industry alone decreased by 5.84% (coal mining output decreased by 0.3% and crude oil exploitation decreased by 3.2%), causing a decrease of 0.2 percentage points.
Industrial production increased on a large scale when the industrial production index in the first quarter of 2024 increased in 54/63 localities. In particular, some localities have had a fairly high increase in the IIP index of two to three digits due to high increases in the processing and manufacturing industries or the electricity production and distribution industry (Tra Vinh's IIP increased by 102, %; Khanh Hoa increased by 37%; Bac Giang increased by 23.9%; Thanh Hoa increased by 20%; Ha Nam increased by 17.2%; Quang Ninh increased by 14%).
In the first quarter of this year, several key industrial products increased compared to the same period last year: bar steel and angle steel increased by 29.1%; rolled steel increased by 24.1%; NPK mixed fertilizer increased by 23.1%; textiles made from natural fibers increased by 21.8%; gasoline increased by 21.7%; Urea fertilizer increased by 14.4%; and electricity production increased by 11.4%. On the contrary, some products decreased compared to the same period last year: Gas (natural gas) and mobile phones both decreased by 13.3%; automobiles decreased by 11.3%; television decreased by 11.1%; LPG decreased by 11.0%; motorbikes decreased by 5.2%.
In particular, the consumption index of the entire processing and manufacturing industry in March of 2024 increased by 12.7% over the previous month and increased by 0.2% over the same period last year. In the first quarter, the consumption index of the entire processing and manufacturing industry increased by 8.2% compared to the same period in 2023 (in the same period of 2023 the figure decreased by 2.9%).
According to the Ministry of Industry and Trade, the bright spot in industrial activities was that the inventory index of the entire processing and manufacturing industry was estimated to increase by 9.8% compared to the same time last month and increase by 14.1% compared to the same time last year (it increased by 19.8% at the same time last year). The average inventory rate in the entire processing and manufacturing industry in the first quarter of 2024 was 68.7% (the average in the first quarter of 2023 was 81.1%), showing positive signs in production recovery and product consumption.
CK
Source: VITIC/ haiquanonline.com.vn