Positive signal from industrial production in the first 7 months of the year

VCN - Industrial production in July 2023 continued to show positive signs, with a growth of 3.9% over the previous month and an increase of 3.7% over the same period last year. The above figures show that the production situation of enterprises is recording good signals.
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According to the General Statistics Office, industrial production in July was better than the previous month, estimated industrial production index in the month increased by 3.9% compared to the previous month and increased by 3.7% over the same period last year. However, the world economic situation faced many difficulties in the first months of 2023, which affected the results of domestic industrial production. In the first 7 months of 2023, the industrial production index was estimated to decrease by 0.7% over the same period last year.

The index of industrial production (IIP) in July 2023 was estimated to increase by 3.9% over the previous month and by 3.7% over the same period last year. In which, compared to the same period last year, the processing and manufacturing industry increased by 3.6%; the mining industry increased by 4%; electricity production and distribution increased by 4.1%; water supply, management, and treatment of waste and wastewater increased by 8.3%.

In the first 7 months of 2023, IIP was estimated to decrease by 0.7% compared to the same period last year (in the same period in 2022, it increased by 8.6%). In which, the processing and manufacturing industry decreased by 1% (in the same period in 2022, it increased by 9.5%), reducing by 0.7% the general growth rate by; electricity production and distribution increased by 1.4%, contributed by 0.1%; water supply industry, waste and wastewater management and treatment activities increased by 6.3%, contributing 0.1%; mining industry decreased by 1.2%, making a decrease of 0.2%.

Notably, the production index in the first 7 months of 2023 of the number of key grade-II industries increased sharply over the same period last year, such as the production of coke, and refined petroleum products increased by 12.2%; metal ore mining, and tobacco product production both increased by 8.6%; production of rubber and plastic products increased by 7.6%; waste collection, treatment, and destruction activities; scrap recycling increased by 7.3%; production of prefabricated metal products (except for machinery and equipment) increased by 6.4%.

 Industrial production has a remarkable recovery. Photo: H.Diu
Industrial production has had a remarkable recovery. Photo: H.Diu

In the opposite direction, the IIP index of some industries recorded a decrease such as wood processing and production of wood, bamboo, and cork products decreased by 6.9%; production of paper and paper products decreased by 6.8%; motor vehicle production decreased by 6.2%; apparel production decreased by 5.5%; manufacture of electronic products, computers and optical products, and production of other non-metallic mineral products also decreased by 4.3%.

The rate of increase/decrease of the industrial production index in the 7 months of 2019-2023 compared to the same period last year was: 9.4%; 2.6%; 7.6%; 8.6% and -0.7%. Industrial production index in 7 months of 2023 over the same period last year increased in 49 localities and decreased in 14 localities across the country. IIP index of some localities achieved a relatively high increase because the processing and manufacturing industries; electricity generation and distribution industries increased. On the other hand, some localities had a decrease in the IIP index because the processing and manufacturing industries; mining and electricity production and distribution decreased.

Records of the increase/decrease in the IIP index in July 2023 compared with the previous month of some large-scale industrial regions showed that: Bac Ninh increased by 23.8%; Thai Nguyen increased by 9%; Vinh Phuc increased by 5.8%; Vinh Long increased by 3%; Binh Duong increased by 2.3%; Ho Chi Minh City increased by 1.9%; Long An increased by 0.8%; Hai Phong decreased by 6.7%; Quang Ninh decreased by 1.9%; Hai Duong decreased by 1.3%.

Regarding labor, the number of employees working in industrial enterprises as of July 1, 2023, increased by 0.9% compared to the same period last month and decreased by 3.9% over the same period last year. In which, state-owned enterprises increased by 0.1% and decreased by 1.1%; non-state enterprises increased by 0.3% and decreased by 3.5%; foreign-invested enterprises increased by 1.2% and decreased by 4.4%.

For kind of industries, the number of employees working in mining enterprises increased by 0.1% over the same period last month and decreased by 0.9% over the same period last year; processing and manufacturing industries increased by 0.9% and decreased by 4.2%; electricity, gas, hot water, steam and air-conditioning production and distribution industries remained unchanged from the same period last month and down 1.9% over the same period last year; industry of water supply, waste and wastewater treatment and management activities increased by 0.1% and 1.7%.

Also according to the General Statistics Office, a number of key industrial products in the first 7 months of 2023 increased sharply compared to the same period last year such as refined sugar increased by 32.3%; mixed fertilizer N.P.K increased by 15.9%; gasoline increased by 13.2%; television increased by 11.4%; fabrics made from man-made fibers increased by 8.9%; cigarettes increased by 8.6%; chemical paint and fresh milk both increased by 6%.

One of the more positive signals for the economy in the first 7 months of that year was that the investment capital realized from the state budget in July is estimated at VND 58,500 billion, up 28.4% over the same period last year.

In the first 7 months of 2023, investment capital realized from the state budget is estimated at more than VND 291,000 billion, equalling 41.3% of the year plan and increasing by 22.1% over the same period last year (same period in 2022). by 39.7% and increased by 12.3%).

Disbursement of investment capital is estimated at VND 58,500 billion, up 28.4% over the same period last year.

By Xuan Thao/ Binh Minh

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