AsemconnectVietnam - 2024 saw a strong recovery in industrial production, playing an important role in the country's economic growth. According to the General Statistics Office, in 2024, the index of industrial production (IIP) increased by 8.4% compared to the previous year.

This result not only exceeded the target set at the beginning of the year (the plan increased by 7-8%), but was also the highest increase in the period from 2020 to present.
Specifically, in 2024, IIP increased by 8.4% compared to the previous year (in 2023, it increased by 1.3%). Of which, the processing and manufacturing industry increased by 9.6% (in 2023, it increased by 1.5%), contributing 8.4 percentage points to the overall increase.
Assessing industrial production in 2024, Ms. Phi Thi Huong Nga - Director of the Department of Industrial and Construction Statistics, under the General Statistics Office acknowledged that to achieve this result, first of all, we must mention the flexible and effective management of the Government. The Government has had very quick policy responses, for example, reducing 5% of registration tax for domestically produced cars; promoting investment promotion activities, finding new markets. In particular, these solutions have stimulated the motor vehicle manufacturing industry to grow strongly in the fourth quarter and grow over 20% for the whole year.
In addition, in 2024, export activities grew positively in the textile and garment, footwear and leather industries, growing over 10%; the electricity, electronics and components manufacturing industry increased from 8.3% to 11.9%, creating momentum for industrial production to break through.
Notably, by locality, the industrial production index in 2024 compared to the previous year increased in 60 localities and decreased in 03 localities nationwide. Some localities had a fairly high IIP index due to the high growth in the processing and manufacturing industry; the electricity production and distribution industry.
Some economic experts believe that to create impressive growth figures in industrial production in 2024, it is necessary to review industrial production activities in 2023 - a year with many difficulties. This low growth foundation also creates momentum for industrial production in 2024 to increase.
CK
Source: VITIC/ haiquanonline.com.vn