Manufacturing News 10/05/2024, 03:05

Vietnam's Industrial Production Index up 6% year-over-year for January-April

According to the General Statistics Office, industrial production in April 2024 continued its positive growth trend.

Vietnam's Industrial Production Index up 6% year-over-year for January-April

The index of industrial production (IIP) for April 2024 is estimated to have increased by 0.8% compared to the previous month and by 6.3% compared to the same period last year. Specifically, the manufacturing and processing sector grew by 7.0% compared to last year; electricity production and distribution increased by 11.3%; water supply, waste management, and treatment activities grew by 6.6%; however, the mining sector declined by 6.8%.

The April 2024 IIP increased significantly over the previous month in several regions, including Sơn La (36.4%), Vĩnh Phúc (17.6%), Thái Bình (16.8%), Hà Giang (14.2%), Kiên Giang (12.5%), Bắc Kan (11.2%), Hòa Bình (9.8%), Yên Bái (9.6%), and Sóc Trăng (9.5%).

Overall, for the first four months of 2024, the IIP is estimated to have increased by 6.0% compared to the same period in 2023. The manufacturing and processing sector contributed significantly to this increase with a growth of 6.3%, contributing 5.5 percentage points to the overall increase. The electricity production and distribution sector grew by 12.3%, contributing 1.1 percentage points. The water supply and waste management sector grew by 5.3%, contributing 0.1 percentage points, while the mining sector decreased by 4.6%, reducing the overall index by 0.7 percentage points.

The IIP for the first four months of 2024 increased in 54 regions and decreased in 9 regions nationwide. Some regions showed significant growth in the manufacturing and processing industry. For example, Phú Thọ increased by 29.6%, Bắc Giang by 24.1%, Hà Nam by 15.5%, and Bình Phước by 15.2%. Notably, electricity production and distribution saw dramatic increases in Khánh Hòa (593.5%), Trà Vinh (144.7%), and Thanh Hóa (30%).

The number of employees working in industrial companies as of April 1, 2024, increased by 1.2% compared to the previous month and by 3.4% compared to the same time last year. The employment growth rates varied by sector: non-state companies increased by 0.7% and 0.2%, foreign-invested companies by 1.5% and 5.0%, while state-owned enterprises remained unchanged and decreased by 1.2%.

In terms of sectors, employment in mining companies decreased by 0.1% compared to the previous month but increased by 0.5% compared to last year; the manufacturing and processing sector saw an increase of 1.3% and 3.6%; electricity, gas, steam, and air conditioning supply increased by 0.1% and 0.6%; the water supply and waste management sector saw a decrease of 0.2% but an increase of 0.1%.

Bao Cong Thuong / Translator: Hoang Giang
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