Effects of COVID-19 see industrial production plummet

The opening five months of the year have seen the Index of Industrial Production (IIP) grow annually by approximately 1%, the slowest pace recorded in many years due to the negative impacted caused by the novel coronavirus (COVID-19), according to the General Statistics Office (GSO)
effects of covid 19 see industrial production plummet
The Index of Industrial Production has grown at a record low in many years
With the epidemic being successfully brought under control, the entire nation has entered a period where it is simultaneously both combating the epidemic and making every effort to revitalise the national economy with plenty of positive signs ahead with regard to industrial production activities.

In line with this positivity, the IIP surged by 11.2% in May in comparison with the previous month, despite suffering a 3.1% decrease in comparison with the same period from 2019.

Indeed, the past five months have seen the IIP grow by an estimated annual amount of 1%, much lower than the 9.5% increase seen during the same period from last year.

Most notably, the processing and manufacturing sector increased by 2.2%, contributing 2% to the general increase, while electricity production and distribution rose by 2.6%, therefore contributing 0.2%. In contrast, the mining industry dropped by 8.1%, leading to a 1.3% fall in the overall increase.

The GSO stated that the complex developments of the COVID-19 pandemic globally have led to a shortage of input materials, subsequently hitting industrial production.

Other key products that have followed this downward trend are beer, down 24.5%, automobiles, down 26.9%, motorbikes, down 15.6%, crude oil, down 13.7%, and liquefied petroleum gas, down 11.8%.

Elsewhere, some industries are still recording fair growth such as phone components, monosodium glutamate MSG, and steel.

The number of employees working in industrial enterprises as of May 1 grew by 0.9% from the previous month, a 1.7% decrease on-year, of which employees at state-owned enterprises fell by 1.9%, with non-state enterprises falling by 2.5%, and FDI enterprises by 1.3%.

Source: VOV
english.vov.vn

Related News

Industrial production has not yet been able to fully recover as before the Covid-19 pandemic

Industrial production has not yet been able to fully recover as before the Covid-19 pandemic

VCN - Industrial production in the second quarter of 2024 grew more positively than in the first quarter of 2024, the value added growth rate was estimated at 8.55% over the same period last year. In the first six months of the year, the added value of the industrial sector increased by 7.54% over the same period last year, of which the processing and manufacturing industry increased by 8.67%.
Industrial production grew on a large scale

Industrial production grew on a large scale

VCN - 55 localities had an increase in the index of industrial production (IIP) compared to the same period last year, only 8 localities had a decrease in IIP compared to the same period last year.
The processing and manufacturing industry increased by 6.3% in 4 months

The processing and manufacturing industry increased by 6.3% in 4 months

VCN - Continue the recovery momentum from the end of 2023, industrial production in April and the first 4 months of 2024 continues to show a positive trend. Of which, the processing and manufacturing industry increased by 6.3%.
Industrial production towards targets growth of 7-8%

Industrial production towards targets growth of 7-8%

VCN - This is a field that encountered many difficulties last year, but the industry has gradually recovered, still maintaining positive growth momentum.

Latest News

Gov’t unveils action plan to accelerate industrialisation

Gov’t unveils action plan to accelerate industrialisation

The Vietnamese Government has outlined a comprehensive action plan to continue fasttracking the country's industrialisation and modernisation by 2030, with a long-term vision extending to 2045.
Ho Chi Minh City enterprises overcoming difficulties

Ho Chi Minh City enterprises overcoming difficulties

VCN - The economy of HCM City has gradually moved through the first half of 2024 with many positive signs. Business activities are stabilizing and recovering, with export orders in sectors such as wood, textiles, food, and beverages surging.
PM asks for all efforts to ensure sufficient supply of electricity, petroleum products

PM asks for all efforts to ensure sufficient supply of electricity, petroleum products

Prime Minister Phạm Minh Chính asked relevant agencies and authorities to ensure sufficient supply of electricity and petroleum products in all situations.
Ministries asked to review and revise policies on infrastructure development

Ministries asked to review and revise policies on infrastructure development

A plan outlines key tasks and solutions to develop a modern and synchronous infrastructure system with focus, priority on key areas, and advanced steps ahead.

More News

Vietnam

Vietnam's GDP in 2024 could achieve nearly 7% growth

VCN - According to Nguyen Anh Duong, Head of the General Research Department at the Central Institute for Economic Management (CIEM), Vietnam achieved significant socio-economic results in the first half of the year. Based on these outcomes, CIEM has developed two macroeconomic forecast scenarios for 2024.
Foreign diplomats hail late Party chief’s role in Vietnam’s modern history

Foreign diplomats hail late Party chief’s role in Vietnam’s modern history

Party General Secretary Nguyen Phu Trong holds an enormous role in the development and achievements of Vietnam, in terms of both domestic and external affairs, said foreign diplomats who used to work in the country.
Highest determination to remove IUU "yellow card".

Highest determination to remove IUU "yellow card".

VCN - The 5th inspection of the European Commission (EC) is expected in October 2024, which is the decisive time for Vietnam to remove the "Yellow Card" warning in 2024. This is considered an important and urgent and important task because the EU is in the top 5 largest export markets of Vietnamese seafood, after the US and China.
Party General Secretary Nguyen Phu Trong passes away

Party General Secretary Nguyen Phu Trong passes away

General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong passed away on July 19 afternoon at the age of 80, according to the board of health protection and care for central officials.
The trend of GDP acceleration is increasingly clear

The trend of GDP acceleration is increasingly clear

VCN - In the context of a world economic recovery trend, our country's economic growth in the first six months of 2024 continues to prosper with an increase of 6.42%. This result is higher than the upper target growth rate set in Resolution 01/NQ-CP of the Government, and is considered a positive sign for the growth target for the whole year 2024.
The new Land law 2024 expected to boost foreign investment

The new Land law 2024 expected to boost foreign investment

VCN - With the new features and improvements in the Land Law 2024 for investors, Vietnam expects to welcome a new wave of foreign direct investment (FDI), especially for large projects.
PM calls for all-people, comprehensive digital transformation

PM calls for all-people, comprehensive digital transformation

Prime Minister Pham Minh Chinh on July 19 called for the all-people and comprehensive digital transformation, with the engagement of the whole political system, people and enterprises in the development of digital infrastructure, completion of the digital institutions and human resources training, so that Vietnam can catch up with and be on par with other nations amidst global headwinds.
Statement of the Ministry of Foreign Affairs on Vietnam submission on the limits of the extended continental shelf beyond 200 nautical miles in respec

Statement of the Ministry of Foreign Affairs on Vietnam submission on the limits of the extended continental shelf beyond 200 nautical miles in respec

Vietnam presented to the United Nations Commission on the Limits of the Continental Shelf (CLCS) its Submission on the Limits of the Extended Continental Shelf in respect of the Central Area of the East Sea (South China Sea) (VNM-C) at the UN headquarters in New York on July 17 morning (local time).
Vietnam’s e-commerce market grows fastest in SEA

Vietnam’s e-commerce market grows fastest in SEA

Vietnam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia, according to the recently released report '2024 E-commerce in Southeast Asia' by Momentum Works.
Read More

Your care

Latest Most read
Gov’t unveils action plan to accelerate industrialisation

Gov’t unveils action plan to accelerate industrialisation

The Vietnamese Government has outlined a comprehensive action plan to continue fasttracking the country's industrialisation and modernisation by 2030, with a long-term vision extending to 2045.
Ho Chi Minh City enterprises overcoming difficulties

Ho Chi Minh City enterprises overcoming difficulties

VCN - In the first half of 2024, reports from the HCM City Union Business Association (HUBA) indicated that the activities of most businesses in the area were stabilizing.
PM asks for all efforts to ensure sufficient supply of electricity, petroleum products

PM asks for all efforts to ensure sufficient supply of electricity, petroleum products

Prime Minister Phạm Minh Chính asked relevant agencies and authorities to ensure sufficient supply of electricity and petroleum products in all situations.
Ministries asked to review and revise policies on infrastructure development

Ministries asked to review and revise policies on infrastructure development

A plan outlines key tasks and solutions to develop a modern and synchronous infrastructure system with focus, priority on key areas, and advanced steps ahead.
Vietnam

Vietnam's GDP in 2024 could achieve nearly 7% growth

According to Nguyen Anh Duong, Head of the General Research Department at the Central Institute for Economic Management (CIEM), Vietnam achieved significant socio-economic results in the first half of 2024
Mobile Version