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

Available foundations and drivers for strong economic growth

Available foundations and drivers for strong economic growth

VCN - Discussing the potential for Vietnam's economic growth in the coming time, Associate Professor, Dr. Tran Hoang Ngan, National Assembly delegate from Ho Chi Minh City said that Vietnam's economy has many driving forces for strong growth from exports, foreign investment and domestic consumption. At the same time, strong financial resources are also an important foundation for development.
Da Nang Customs joins efforts to establish free trade zone proposal

Da Nang Customs joins efforts to establish free trade zone proposal

VCN - The Da Nang Customs Department is actively collaborating with local authorities and agencies to develop a proposal for the Da Nang Free Trade Zone (FTZ), aiming to drive new economic growth for both the city and the wider region.
Perfecting tax policy for goods traded via e-commerce

Perfecting tax policy for goods traded via e-commerce

VCN - In order to ensure the goal of developing e-commerce activities without causing loss of state budget revenue, the Customs authority is actively coordinating with policy advisory units of the Ministry of Finance to research and review regulations on tax exemption for import and export goods transacted via e-commerce.
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.

Latest News

New step in tracing seafood origin, meeting export requirements

New step in tracing seafood origin, meeting export requirements

VCN - Using the electronic seafood traceability application (eCDT VN) will help seafood exporting enterprises more conveniently apply for export product traceability documents (SC, CC). This will help the Vietnamese seafood industry better adapt to the trend of international integration and the demand for transparency in seafood origin of the export market.
Việt Nam

Việt Nam's pangasius exports expected to reach $2b in 2024

Pangasius export turnover in the first ten months reached $1.56 billion, an increase of 8.9 per cent over the same period in 2023.
VN’s first pharmaceutical industrial park to be built

VN’s first pharmaceutical industrial park to be built

Located in Thái Bình Province, the park is expected to provide jobs for 18,000 people when going into operations.
Accelerating investment to meet "green" standards

Accelerating investment to meet "green" standards

VCN – Many businesses are implementing large-scale investments in technology, energy transitions, and production processes to meet the increasingly stringent "green" criteria set by the EU market.

More News

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

Hard capsule pharmaceutical shells from Brazil, China and India are also being investigated.
UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion

To better exploit the tariff incentives from the UKVFTA, it is necessary for Vietnamese fishery producers and exporters to focus on improving quality and supply capacity to expand market share in the UK
Agricultural, forestry and fishery trade surplus value shoots up

Agricultural, forestry and fishery trade surplus value shoots up

VCN - According to the Ministry of Agriculture and Rural Development, the total export turnover of agricultural, forestry and fishery products in the first 10 months reached 51.74 billion USD, up 20.2% over the same period in 2023. Notably, the trade surplus value recorded a spectacular increase year on year.
New export and business cooperation opportunities from "dual conversion"

New export and business cooperation opportunities from "dual conversion"

VCN - According to a recent study from NielsenIQ, 16% of Vietnamese consumers consider a sustainable future as one of the important factors in their consumption decisions.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Read More

Your care

Latest Most read
New step in tracing seafood origin, meeting export requirements

New step in tracing seafood origin, meeting export requirements

VCN - Using the electronic seafood traceability application (eCDT VN) will help seafood exporting enterprises more conveniently apply for export product traceability documents (SC, CC). This will help the Vietnamese seafood industry better adapt to the tr
Việt Nam

Việt Nam's pangasius exports expected to reach $2b in 2024

Pangasius export turnover in the first ten months reached $1.56 billion, an increase of 8.9 per cent over the same period in 2023.
VN’s first pharmaceutical industrial park to be built

VN’s first pharmaceutical industrial park to be built

Located in Thái Bình Province, the park is expected to provide jobs for 18,000 people when going into operations.
Accelerating investment to meet "green" standards

Accelerating investment to meet "green" standards

VCN - Founded in 1998, Ton Dong A Corporation specializes in manufacturing steel and coated steel products catering to various demands, from industrial and residential construction to transportation infrastructure and home appliances.
US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

US initiates investigation into pharmaceutical capsule shells imported from Việt Nam

Hard capsule pharmaceutical shells from Brazil, China and India are also being investigated.
Mobile Version