AsemconnectVietnam - Vietnam’s industrial production in May continued its growth trend, whereby IIP in May increased by 3.9% over the previous month and increased by 8.9% over the same period last year.

According to a report from the General Statistics Office, industrial production in May continued to maintain a more positive growth trend compared to the previous month. The industrial production index in May was estimated to increase by 3.9% over the previous month and by 8.9% over the same period last year. In the first five months of 2024, the entire industrial production index increased by 6.8% over the same period last year.
The index of industrial production (IIP) in May of 2024 was estimated to increase by 3.9% over the previous month and by 8.9% over the same period last year.
In particular, in comparison to the same period last year, the processing and manufacturing industry increased by 10.6%; electricity production and distribution increased by 11.4%; water supply industry, waste and wastewater management and treatment activities increased by 7.4%; the mining industry alone decreased by 9.4%.
Overall, for the first 5 months of 2024, IIP was estimated to increase by 6.8% over the same period last year (in the same period of 2023, the IIP decreased by 2.0%). In the period, the processing and manufacturing industry increased by 7.3% (in the same period of 2023, the figure decreased by 2.6%), contributing 6.4 percentage points to the overall increase; the electricity production and distribution industry increased by 12.7% (in the same period of 2023, the figure increased by 1.2%), contributing 1.1 percentage points; water supply, waste and wastewater management and treatment activities increased by 6.3% (in the same period of 2023, the figure increased by 5.9%), contributing 0.1 percentage points; the mining industry alone decreased by 5.2% (in the same period of 2023, the figure decreased by 2.4%), reducing the overall increase by 0.8 percentage points.
Notably, the production index in the first 5 months of 2024 of a number of the key industries increased compared to the same period last year: the production of products from rubber and plastic increased by 27.4%; electrical equipment production increased by 24.0%; chemical and chemical product production increased by 20.1%; production of beds, wardrobes, tables and chairs increased by 19.6%; metal production increased by 13.2%; textile and production, distribution of electricity, gas, hot water, steam and air conditioning all increased by 12.7%.
On the contrary, the IIP index of some industries increased lower than the general average or decreased compared to the same period last year: manufacturing of electronic products, computers and optical products increased by 5.8%; food processing production increased by 5.4%; repair, maintenance and installation of machinery and equipment decreased by 11.8%; crude oil and natural gas exploitation decreased by 11.0%; production of other means of transport decreased by 5.1%; production of other non-metallic mineral products decreased by 1.7%; mining of hard coal and lignite decreased by 1.3%.
The industrial production index in the first 5 months of 2024 compared to the same period last year increased in 55 localities and decreased in 8 localities across the country. Some localities have had a fairly high increase in the IIP index due to the processing and manufacturing industry; the electricity production and distribution industry increased sharply. On the contrary, some localities have a low increase or decrease in the IIP index due to the low increase or decrease in the processing and manufacturing industries and the electricity production and distribution industry.
Some key industrial products in the first 5 months of 2024 increased compared to the same period last year: steel bars and angle steel increased by 33.8%; textiles made from natural fibers increased by 20.2%; smart watches increased by 19.7%; rolled steel increased by 18.0%; urea stool increased by 14.6%; N.P.K mixed fertilizer increased by 12.6%. On the contrary, some products decreased compared to the same period last year: liquefied petroleum gas (LPG) decreased by 21.2%; gaseous natural gas decreased by 15.6%; television decreased by 10.4%; crude oil exploitation decreased by 5.6%; crude iron and steel decreased by 5.2%.
Growth solutions to be continued
Providing more solutions for industrial development in the coming time, the Ministry of Industry and Trade affirmed that it will continue to promote industrial restructuring towards increasing the proportion of processing and manufacturing industries and reducing the proportion of outsourcing, assembly for industrial products manufactured in Vietnam; gradually remove difficulties for businesses to increase competitiveness, build technical barriers for imported products to support domestic products, increase localization rate, etc.
In the long term, it is necessary to unify resources from the central to local levels to focus on investing and developing industrial projects, especially foundation industries and key export manufacturing industries such as the material industry, supporting industries, mechanics, automobiles, textiles, leather - shoes, electricity - electronics, food processing, etc.
As an industry management unit, the Ministry of Industry and Trade has also set "close" tasks to ensure smooth production activities and promote industrial growth in the second quarter of 2024.
Accordingly, the Ministry of Industry and Trade accelerated the progress of perfecting institutions, including important documents in the industrial sector such as: Key Industry Law, Chemical Law, etc.
At the same time, the country will also promote disbursement of public investment capital, review backlogs to soon put into operation key projects in the fields of electricity, oil and gas, processing industry, manufacturing, minerals, etc.
CK
Source: VITIC/congthuong.vn