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Industrial output reaches 22.9 billion USD mark
The country’s industrial output is estimated to reach 382.3 trillion VND (22.9 billion USD) in the first seven months of the year, an increase of 16.4 percent over the same period last year, the General Statistics Office reported.
The non-State owned sector saw the highest growth, at 22.2 percent, followed by the foreign-invested sector with 17.3 percent and the State-owned sector with a spare 6.7 percent.
Output of many key industrial products was up over the same period last year.
Vans increased 96.2 percent to reach 24,200 units, passenger vehicles 78.6 percent to 39,600 units, and washing machines surged 54.2 percent to 338,800 units.
Other increases included: TVs (34.4 percent), refrigerators (27 percent), powdered milk (36.6 percent), soap (25.5 percent) and seafood processing (20.8 percent).
Some other industrial products saw modest growth during the period: electricity rose 13.8 percent to 42.7 billion kWh, cement 11.8 percent to 20.8 million tonnes, fertiliser 4.9 percent to 1.43 million tonnes and rolled steel by 4.7 percent to 2.27 million tonnes.
Other industrial products posted a decrease, with crude oil down 6 percent to 8.56 million tonnes and natural gas down 0.2 percent to 4.34 billion cu.m.
In the first seven months of the year, the value of high-scale industrial production in provinces like Vinh Phuc, Ha Tay, Binh Duong, Hai Duong and Hai Phong City saw high growth, ranging between 18.2 and 30.9 percent year-on-year.
Economist hubs Hanoi and Ho Chi Minh City showed minimal increases of 14.7 and 13 percent respectively, lower than the common industrial output growth of 16.4 percent.
Most overall industrial figures in the first seven months of the year were up, but those in July fell a minimal 1 percent against June in every sector.
Commenting on this issue, GSO official Quang Ha said, “Prices of input production materials are still climbing, which makes production and consumption more difficult. Enterprises must therefore slow production”.
The consumer price index (CPI) in July increased by only 1.13 percent over the previous month, the lowest rise since early this year, but the CPI in the first seven months of the year was up 21.28 percent year-on-year, which enterprises consider to be a high rate.
Common lending interest rates range from 20 to 21 percent a year, making it expensive for produces to get bank loans.
Many are worried that production for the rest of the year will suffer as the 31 percent rise on petrol and oil retail prices will likely impact the CPI and potentially derail Government efforts to curb inflation.
The Ministry of Industry and Trade has set a target of 674 trillion VND (42.12 billion USD) for the country’s industrial output this year, focusing on the development of competitive products with high added value from sectors including agriculture, forestry and fisheries.
Meanwhile, the total trade deficit in the first seven months hit 15 billion USD, up 37 percent from last year.
Imports in the first seven months totalled 51.9 billion USD, up 56.8 percent year-on-year, while exports rose 37.9 percent to 36.7 billion USD.
VNA
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