Industrial production gradually rebounding: GSO
| |
The factory of the Hoa Phat Steel Sheet Co. Ltd in Pho Noi A Industrial Park of Van Lam district, Hung Yen province |
Industrial production value rose 2.71% year-on-year in the first half, with an increase of 5.1% in the first quarter followed by just 0.74% in the second, as the economy was hit hardest by the coronavirus outbreak.
Processing and manufacturing was up 4.96% in the January-June period - the slowest first-half pace since 2011, electricity production and distribution up 3.04%, and water supply, waste, and wastewater treatment up 3.76%. Meanwhile, mining shrank 5.4%.
Pham Dinh Thuy, Director of the GSO’s Industrial Statistics Department, said COVID-19 disrupted the supply of input materials for industrial production, especially processing and manufacturing, from many countries.
Government Decree No 100/2019/ND-CP, which sets stricter fines for road and railway traffic violations and took effect on January 1, changed alcohol consumption habits and subsequently affected beverage production, he noted.
Several industries saw sharp declines in production during the first half, including motor vehicle (16.4%), crude oil and natural gas (11.3%), the repair, maintenance, and installation of machinery and equipment (9.5%), and beverage (8.8%).
Others grew and contributed to overall growth, such as the manufacture of medicines, pharmaceutical chemicals, and medicinal materials (27.9%), the production of coke and refined petroleum products (15%), metal ore mining (13.3%), the production of electronic and optical devices (9.8%), and pulp and paper production (9.1%).
GSO Deputy General Director Nguyen Thi Huong said that because the pandemic was brought under control early in Vietnam, economic sectors have begun returning to normal and industrial production regained growth momentum since May.
To achieve faster growth in the months to come, she suggested ministries, sectors, and localities step up the reform of procedures to help business’s access support policies, assist them in seeking material supply sources, and encourage consumers to purchase locally-made products.
Related News
Industrial production towards targets growth of 7-8%
17:25 | 14/01/2024 Headlines
Industrial production to improve in last months of 2023, but hurdles remain: GSO
16:00 | 18/10/2023 Import-Export
Positive signal from industrial production in the first 7 months of the year
09:53 | 11/08/2023 Import-Export
GSO leader suggests measures to promote economic growth
15:13 | 30/06/2023 Headlines
Latest News
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export
Domestic retailers eye export-quality products
17:37 | 18/04/2024 Import-Export
More News
Textile and garment exports recovered positively
10:26 | 18/04/2024 Import-Export
Launch of FDI Annual Report 2023
16:25 | 17/04/2024 Import-Export
Vietnam has opportunities to attract, develop the offshoring market
16:11 | 17/04/2024 Import-Export
Nearly 600 million USD disbursed in support of agroforestry, aquatic sectors
16:09 | 17/04/2024 Import-Export
Be proactive and flexible with production materials
09:02 | 17/04/2024 Import-Export
Cooperate to build leading and "rich in vitality" state-owned enterprises
08:59 | 17/04/2024 Import-Export
Garment & textile sector tries to keep growth momentum
14:16 | 16/04/2024 Import-Export
Businesses capitalize on recovery momentum to explore market expansion
10:01 | 16/04/2024 Import-Export
Access to the Chinese market is increasingly convenient
15:12 | 15/04/2024 Import-Export
Your care
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export
Domestic retailers eye export-quality products
17:37 | 18/04/2024 Import-Export
Textile and garment exports recovered positively
10:26 | 18/04/2024 Import-Export