AsemconnectVietnam - In the first 9 months of 2024, the added value of the industrial sector increased by 8.34% over the same period last year, of which the processing and manufacturing industry increased by 9.76%.

The processing and manufacturing industry increased by 9.76%
According to the latest report on the socio-economic situation in September and the first 9 months of the year announced by the General Statistics, the production and business activities in the third quarter of 2024 grew more positively than the previous quarter, the growth rate of the added value of the industrial sector is estimated at 9.59% compared to the third quarter of 2023.
In the third quarter of 2024, the added value of the industrial sector increased by 8.34%
In the first 9 months of 2024, the added value of the industrial sector increased by 8.34% over the same period last year, of which the processing and manufacturing industry increased by 9.76%.
Notably, the added value of the entire industrial sector in the first 9 months of 2024 is estimated to increase by 8.34% over the same period last year (the first quarter increased by 6.47%; the second quarter increased by 8.78%; the third quarter increased by 9.59%). Of which, the processing and manufacturing industry increased by 9.76% (in the first quarter, it increased by 7.21%; in the second quarter, it increased by 10.39%; and in the third quarter, it increased by 11.41%), contributing 2.44 percentage points to the total added value growth of the entire economy; the electricity production and distribution industry increased by 11.11%, contributing 0.43 percentage points; the water supply and waste and wastewater treatment industry increased by 9.83%, contributing 0.06 percentage points; the mining industry alone decreased by 7.01%, reducing the overall growth rate by 0.22 percentage points. The production index in the first 9 months of 2024 of some key industries in the secondary industry increased sharply compared to the same period last year: Rubber and plastic products increased by 28.8%; production of beds, cabinets, tables, and chairs increased by 24.7%; production of coke and refined petroleum products increased by 18.8%; Chemical and chemical product production increased by 16.9%; motor vehicle production increased by 13.0%; textile production increased by 12.8%; metal production increased by 12.3%; production of prefabricated metal products (except machinery and equipment) increased by 12.0%; leather production and related products increased by 11.6%; production of electronic products, computers and optical products increased by 9.1%; food processing production increased by 7.8%.
The report also showed that the industrial production index in the first 9 months of 2024 compared to the same period last year increased in 60 localities and decreased in 03 localities nationwide. Some localities had a fairly high increase in the industrial production index due to the processing and manufacturing industry; the electricity production and distribution industry increased.
On the contrary, some localities had low or decreasing industrial production indexes due to low or decreasing growth in the processing and manufacturing industry, mining industry, and electricity production and distribution industry. Some key industrial products in the first 9 months of 2024 increased compared to the same period last year: Steel bars and angle steel increased by 26.7%; gasoline and oil increased by 20.3%; rolled steel increased by 16.8%; natural fiber woven fabrics increased by 15.9%; diameter increased by 13.5%; NPK mixed fertilizer increased by 13.3%; powdered milk increased by 12.1%; automobiles increased by 11.9%. On the contrary, some products decreased compared to the same period last year: Gaseous natural gas decreased by 16.5%; LPG decreased by 15.0%; mobile phones decreased by 7.6%; crude oil decreased by 5.9%; coal (clean coal) decreased by 4.2%; beer decreased by 2.8%; aluminum decreased by 2.3%.
The consumption index of the entire processing and manufacturing industry in September of 2024 decreased by 2.1% compared to the previous month and increased by 12.7% compared to the same period last year. In the first nine months of 2024, the consumption index of the entire processing and manufacturing industry increased by 12.5% compared to the same period in 2023 (in the same period of 2023, the figure increased by 0.6%).
The inventory index of the entire processing and manufacturing industry is estimated to increase by 5.2% as of September 30, 2024 compared to the same period last month and increase by 8.5% as of the same period last year (the same period last year increased by 19.4%). The average inventory ratio of the entire processing and manufacturing industry in the first nine months of 2024 was 76.8% (the average for the first nine months of 2023 was 85.3%).
Mobilizing all resources for industrial development
According to the Ministry of Industry and Trade, the Ministry has focused on measures to stabilize the macro economy, control inflation, maintain growth, ensure major balances of the economy, and promptly update the new inflation growth scenario as well as closely, effectively and harmoniously coordinate macroeconomic management policies to maintain economic growth in the new context; closely monitor price developments of essential goods, especially some items with increasing price trends such as food, raw materials, etc.
Mr. Pham Tuan Anh - Deputy Director of the Department of Industry (Ministry of Industry and Trade) added that the Ministry of Industry and Trade also proposed plans, orientations, tasks and solutions to develop industrial production in the last months of the year, specifically:
Firstly, focus on perfecting the industrial development institution, in which, focus on perfecting the state management mechanism for industrial development, limiting overlap, ensuring stability, consistency, and encouraging production development.
Based on the viewpoints, directions, and directions of the Government and the Prime Minister, from the beginning of 2024, the Ministry of Industry and Trade has thoroughly grasped and specified in programs and action plans; focused on reviewing, organizing and implementing the key tasks and solutions promptly and drastically; promptly removing difficulties and obstacles to mobilize all resources for industrial development.
Secondly, improve the operational efficiency and competitiveness of industrial production enterprises. Continue to promote the restructuring of the industrial sector and the restructuring of enterprises, economic groups, and state-owned corporations according to the approved Project. Develop a mechanism and roadmap for developing the number of industrial production enterprises, with special attention to developing supporting enterprises. Create a mechanism to facilitate opportunities for Vietnamese industrial enterprises to exchange and connect with enterprises as well as increase promotion, attraction and search for investment partners from abroad.
Third, focus on improving the quality of human resources for industrial development. Promote the application of achievements of the 4.0 industrial revolution in industrial production; focus on investing in building a number of scientific and technological research facilities with sufficient capacity to absorb and master new technologies, and create technologies to serve the development of priority industrial sectors and field; increase investment and promote research and development (R&D) activities to be able to self-research, design and manufacture a number of high-tech products, while expanding national scientific and technological cooperation with strategic partners.
Fourth, increase investment attraction for industrial development. Complete the system of preferential and open policies associated with propaganda and investment promotion to attract capital sources in society and foreign investment to participate in investing in industrial development; encourage enterprises to expand their investment scale in both capital sources and scope; call on large, multinational corporations to participate in investing in important projects in the list of national key projects calling for FDI.
Besides, continue to remove difficulties for enterprises and production facilities to promote production and boost exports; promote the use of existing export orders and export opportunities to markets around the world, especially food and consumer goods; make the most of traditional markets and continue to open new markets as proposed by the Ministry of Industry and Trade.
In addition, production and business units need to closely follow the market, expand activities to find new customers; strengthen the connection of the production - consumption chain; balance inventory and consumption to ensure cash flow as well as product quality, arrange production flexibly to maintain optimal production activities. It is important that associations and industries need to strengthen business connection activities, promote the consumption of each other's products.
CK
Source: VITIC/congthuong.vn