4-8-2023 (HANOI) Vietnam’s industrial production experienced a slight decline in the period of January to July, according to a report by the country’s General Statistics Office (GSO). The national index of industrial production decreased by 0.7 percent compared to the same period last year, primarily attributed to the challenging global economic situation.
The processing and manufacturing sector saw a decline of 1 percent, while the electricity production and distribution sector showed a modest growth of 1.4 percent. The water supply and waste management sector, on the other hand, experienced a notable increase of 6.3 percent, as reported by local media.
Despite the overall decrease, several key industries demonstrated growth in the index of industrial production (IIP) during the seven-month period. These included the production of coke, refined petroleum products, metal ore, rubber, plastic products, and waste treatment and recycling activities, as highlighted by the local newspaper Vietnam News.
In the month of July alone, Vietnam’s IIP recorded a positive growth of 3.7 percent compared to the same period last year. The water supply, waste water treatment, and management activities sector exhibited the highest increase in IIP at 8.3 percent. It was followed by the electricity generation and distribution sector with a growth of 4.1 percent, the mining industry with 4 percent, and the processing and manufacturing sectors with 3.6 percent, as reported by Vietnam News.
The GSO also reported a decline in the total number of employees in the industrial sector, which decreased by 3.9 percent compared to the previous year as of July 1.
