Vietnam’s index of industrial production (IIP) last month rose by 24.1 per cent year-on-year, driven by the positive impact of free trade agreements (FTA), according to the General Statistics Office.
The IIP in the first four months of 2021 enjoyed a year-on-year increase of 10 per cent, boosted by the growth of manufacturing and processing (12.7 per cent), electricity production and supply (6.6 per cent), and water supply and waste and wastewater treatment (7.5 per cent).
Key industries that recorded high increases include metal production (37.9 per cent), motorised vehicle production (32.9 per cent), and furniture production (17.6 per cent).
On the contrary, the mining sector posted a decrease of 5.7 per cent against the same period last year.
The number of labourers working in industries as of April 1 rose by 1.5 per cent month-on-month, and 1.8 per cent year-on-year.
To address inventory and promote production in the future, the Ministry of Planning and Investment proposes localities continue reforming administrative procedures, simplifying specialised inspection procedures, and implement the Prime Minister’s Decision approving the Action Plan on improving competitiveness and developing logistics services.
Sectors are advised to focus on supporting the development of the domestic markets, studying consumption stimulus policies for locally-made products, and developing supporting industries.
VIET NAM NEWS/ASIA NEWS NETWORK