In 2024, the industrial production index is estimated to increase by 8.4% compared to the previous year, marking the highest growth since 2020.

Industrial Production Index Estimated to Grow by 8.4%
According to the latest data released by the General Statistics Office, industrial production continued its positive growth trajectory in the fourth quarter of 2024. The industrial production index is estimated to increase by 7.9% compared to the same period last year.
For the entire year of 2024, the industrial production index is estimated to reach 8.4%, marking the highest growth since 2020. Among key sectors, the manufacturing and processing industry grew by 9.6% (compared to a 1.5% increase in 2023), contributing 8.4 percentage points to the overall growth.
The electricity production and distribution sector increased by 9.5%, contributing 0.8 percentage points to the overall growth.
The water supply, waste management, and wastewater treatment sector recorded a growth of 10.7%, adding 0.2 percentage points.
In contrast, the mining sector experienced a decline of 6.5%, reducing the overall growth by 1.0 percentage points.
The industrial production index (IIP) for several key Level II industries saw significant increases: rubber and plastic product manufacturing rose by 24.9%; furniture manufacturing (including beds, cabinets, tables, and chairs) increased by 23.8%; motor vehicle production grew by 21.1%; leather and related products increased by 13.7%; coke and refined petroleum product manufacturing rose by 12.6%; textiles grew by 12.1%; chemical and chemical product manufacturing, as well as electrical equipment production, both increased by 11.9%; electronics, computers, and optical products saw an 8.3% rise; and food processing grew by 7.4%.
On the other hand, the IIP for some industries showed minimal growth or even declines: beverage production increased by only 1.4%; non-metallic mineral product manufacturing rose by 0.9%; crude oil and natural gas extraction decreased by 10.9%; coal mining (including hard coal and lignite) declined by 5.5%; and machinery repair, maintenance, and installation fell by 5.1%.
The consumption index for the manufacturing and processing industries in December 2024 dropped by 5.1% compared to the previous month but rose by 0.8% year-on-year. For the entirety of 2024, the consumption index for the manufacturing and processing industries grew by 11.3%, significantly higher than the 1.6% growth in 2023.
The inventory index for the manufacturing and processing industries as of December 31, 2024, increased by 10.0% compared to the previous month and by 10.6% year-on-year (compared to a 19.8% rise at the same time last year). The average inventory rate for the manufacturing and processing industries in 2024 was 77.1%, lower than the 88.0% rate recorded in 2023.
The number of workers employed in industrial enterprises as of December 1, 2024, increased by 0.8% compared to the previous month and by 3.2% year-on-year.
Timely Support from the Ministry of Industry and Trade
Regarding the achievements of the industrial sector over the past year, Mr. Nguyen Ngoc Thanh, Deputy Director of the Department of Industry under the Ministry of Industry and Trade, attributed a significant portion to the timely directives from the ministry's leadership, particularly in policy formulation and enhancement.
The Department of Industry has advised and led the development of several key policies in this sector, including proposing amendments to Decree No. 111/2015/ND-CP on supporting industry development; drafting and submitting decrees on tobacco business regulations; and proposing regulations on investment and business conditions in the food sector, among others.
Looking ahead to 2025, Mr. Thanh acknowledged both opportunities and challenges for the industrial sector in maintaining its current growth momentum. To contribute to the country's goal of achieving double-digit growth, the Department of Industry will actively implement effective macroeconomic policies and industrial development strategies outlined by the Government and the Ministry of Industry and Trade. These efforts include accelerating the commissioning of new industrial production projects to support both export and domestic consumption, thereby enhancing production capacity and ensuring an adequate supply of goods for export.
The department will also focus on improving institutional, policy, and legal frameworks to provide a foundation for new growth drivers in both the short and long term.
Additionally, effective collaboration with local governments and the continuation of existing enterprise support programs will be prioritized to sustain the growth momentum of industrial sectors in key economic regions, driving industrial growth nationwide.