Manufacturing and processing industry is gradually recovering

VCN - The added value of the whole industry in the first six months was estimated to increase by 8.48% over the same period last year. In which, the processing and manufacturing industry increased by 9.66%, contributing 2.58% to the increase in total added value of the whole economy, continuing to affirm that the processing and manufacturing industry is still the engine of economic growth.
Processing and manufacturing enterprises expected to speed up Processing and manufacturing enterprises expected to speed up
Vietnam on way to become new global manufacturing hub Vietnam on way to become new global manufacturing hub
Increasing the capacity of suppliers in the processing and manufacturing chain Increasing the capacity of suppliers in the processing and manufacturing chain
Consumption index of the entire processing and manufacturing industry in the first six months of 2022 increased by 9.4% over the same period in 2021. Photo: Nguyen Thanh
Consumption index of the entire processing and manufacturing industry in the first six months of 2022 increased by 9.4% over the same period in 2021. Photo: Nguyen Thanh

According to data released by the General Statistics Office on June 29, industrial production in the second quarter of 2022 grew quite well because business activities of enterprises were maintained and gradually recovered, and the price increased rapidly, added value was estimated at 9.87% over the same period last year.

It is notable that the index of industrial production (IIP) in the first six months of 2022 compared to the same period last year of some key industries increased sharply. The consumption index of the entire processing and manufacturing industry in the first six months of 2022 increased by 9.4% over the same period in 2021.

On the contrary, some localities have low IIP index because production and business activities are still facing many difficulties, the processing and manufacturing industry has not regained the high growth momentum as before the pandemic.

The inventory index of the entire processing and manufacturing industry was estimated as of June 30, 2022, up 6.1% over the same period last month and 14.1% over the same period last year (the same period last year), at the time of the previous year increased by 29.5%. The average inventory rate of the whole processing and manufacturing industry in the first six months of 2022 is 78%.

Regarding labor, the number of employees working in industrial enterprises as of June 1, 2022 increased by 1.3% over the same period last month and up by 5.8% over the same period last year.

Although production and business activities of manufacturing and construction enterprises have recovered after the Covid-19 pandemic, the demand for production and construction has increased, however, due to China's gradual decrease in production the volume of steel production and export caused the global supply of iron and steel to decline, causing domestic iron and steel prices to be continuously pushed up. Besides, the price of gasoline and oil increased, leading to an increase in the price of other materials used for construction such as cement, sand, gravel, etc., which had a direct impact on the construction cost of signed projects. Enterprises and construction contractors are facing the risk of having to compensate for their losses when the price of raw materials increases for signed contracts.

In order to create favorable conditions and support production and business enterprises, businesses recommend that they need to be more drastic to stabilize the price of input materials for the construction industry so that businesses can stabilize construction.

At the same time, guiding the implementation of contract adjustment and contract price adjustment due to the impact of material price fluctuations for ongoing projects in accordance with the law, especially for traffic works to ensure the correct schedule. Accelerate the progress of compensation and site clearance to hand over to construction enterprises.

Besides, it is necessary to create conditions for enterprises to access capital more easily through convenient and quick bank loan procedures; supplement capital for projects funded by the state budget, limiting the outstanding payment for projects that affect the capital turnover of enterprises.

Regulations on environmental protection deposit for scrap imports Regulations on environmental protection deposit for scrap imports

VCN – The Government promulgated Decree 08/2022/NĐ-CP stipulating a number of articles of the Law on environmental ...

Organizing public bidding for public investment projects, continue to review contractors that are behind schedule and have poor construction capacity to transfer opportunities to other contractors for construction as after the Covid-19 pandemic many businesses and contractors do not have new work.

By Xuanthao/Quynhlan

Related News

One law amending seven financial laws: New driving force for economic growth

One law amending seven financial laws: New driving force for economic growth

VCN - Draft 1 of the Law amending 7 laws in the financial sector has been officially submitted and discussed at the 8th session of the 15th National Assembly. According to the Law-making program, the Law will be developed and promulgated following a simplified procedure and will be approved at this session. The simultaneous amendment of many provisions in the laws in the financial sector and their early approval demonstrate the determination and great efforts of the National Assembly, the Government, and the Ministry of Finance in creating a system of open and appropriate policies, promoting investment resources in the economy, thereby promoting economic growth in the new period.
Spacious room to control inflation target

Spacious room to control inflation target

VCN - According to Ms. Nguyen Thu Oanh, Director of the Price Statistics Department (General Statistics Office), Vietnam's inflation in the first 9 months has been under control at an appropriate level to support economic growth, showing that the possibility of inflation for the whole year will reach the target set by the National Assembly.
Vietnam to achieve credit rating as set target

Vietnam to achieve credit rating as set target

VCN - With the current credit rating scale, Vietnam is getting closer to the target of raising the investment rating grade by 2030 set out in the National Credit Rating Improvement Project by 2030.
Finance sector urgently amends 7 Laws to remove bottlenecks and promote economic growth

Finance sector urgently amends 7 Laws to remove bottlenecks and promote economic growth

VCN - Emphasizing that the development of one law to amend many laws is an important and urgent task of the Ministry of Finance, the Minister of Finance requested relevant units to promptly implement the shortened process to speed up the progress of law development and ensure quality.

Latest News

Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.

More News

Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

VCN - Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
UKVFTA greatly benefits Vietnam-UK trade: Experts

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Agricultural exports likely to exceed 60 billion USD amid challenges

Agricultural exports likely to exceed 60 billion USD amid challenges

With swift production recovery and continued growth, Vietnam's agricultural sector could potentially surpass the 60 billion USD export target, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam-Philippines trade likely to exceed 8 billion USD for first time

Vietnam-Philippines trade likely to exceed 8 billion USD for first time

With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
Read More

Your care

Latest Most read
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - In recent years, Israel has always been Vietnam's leading tuna export market after the US and the EU. Therefore, the recent escalation of Israel-Iran tensions is affecting Vietnam's tuna exports to this market.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countr
Mobile Version