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ECONOMYINDUSTRY

Vietnam’s industrial output increases by 8.7% in October

Updated at Friday, 03 Nov 2017, 09:27
The Hanoitimes - According to General Statistics Office, in the first 10 months of 2017, industrial output has increased by 8.7% compared to the same period of last year, which is higher than an increase of 7.3% in the same period of 2016 and 7.9% in the first 9 months.
In fields of indusrial processing and manufacturing, the growth rate continues rising with an increase of 13.6%, contributing 9.6% in the overall growth of industry sector; electricity production and allocation incrased 9.3%, contributing 0.6%; water provision and waste treatment increased 7.5%, contributing 0.1%; mining reduced 7.4%, which in turn leads to a decrease of 1.6% of the overall growth. 


Some sectors with higher output in the first 10 months comparing to the same period of last year, including: electronics production, computer and optical products increased 29.3%, smart phones production and related accessories increased 18.6%; rubber and plastic products increased 13%. Industrial output in 10 months compared to the same period of last year at some provinces with large scale industrial complex are as follow: Bac Ninh increased 32% (due to the increase in production of Samsung Electronics Vietnam); Hai Phong increased 20%; Thai Nguyen increased 17.9%; Hai Duong increased 10.1%; Binh Duong increased 9.7% and Da Nang increased 9.1%.

The consumption result of the industrial processing and manufacturing in September icnreased 3.7% compared to last month and 17.8% compared to the same period of last year. In overall for 9 months, consumption growth of the industrial processing and manufacturing increased 12% compared to the first 9 months of 2016, in which some sector with high consumption rate are textile & garment 32.8%; metal production 24.3%; pharmarcy  and medicine increased 21.5%; leather products increased 17.6%; while there are some sectors with low consumption rate such as beverage increased 7.1%; electronic devices 6.1%; cigarettes increased 5.6%; automobile increased 3.6%. 

The leftover rate of the industrial processing and manufacturing in October 1 increased 8.8% compared to the same period of last year (at the same period of 2016 increased 8.9%). Meanwhile, some sectors with lower leftover rate: clothing increased 6.3%; food increased 4.7%; other transport vehicles increased 2.3%; textile & garment reduced 0.2%; cigarettes reduced 3.2%; pharmacy and medicine reduced 17.9%. 

The number of employees working in industrial enterprises as of October 01 increased 5.1% compared to the same period of last year. Employeesat enterprises as of October 01 compared to the same period of some provinces with large scale industrial complex are as follow: Bac Ninh increased 19.3%; Da Nang increased 17.3%; Hai Duong increased 9%; Vinh Phuc increased 7.9%.

On the back of booming economic growth, a continuing inflow of foreign direct investment (FDI) and a youthful labor force, Vietnam is becoming Asia's new manufacturing hub. The Southeast Asia country has gradually established itself as one of the most attractive investment destinations in the region. The influx of foreign-owned manufacturing conglomerates setting up production bases in Vietnam has created new demand throughout the entire value chain. As a result, smaller firms wanting to keep up with the ever-evolving industry, and local support services looking to join the global supply chain are urged to take ready steps to upgrade technology and level-up their capabilities.
Ngoc Thuy
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