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Industrial production value drops
Industrial production value in August slowed in comparison with the monthly average in the first half of the year, rising only 16.1 per cent year-on-year due to economic downturn, the General Statistics Office has reported.
In the first six months of the year, the industrial production value rose monthly between 16.3 and 19 per cent.
General Statistics Office (GSO) experts attributed the slow rate to difficulties in the industrial sector, including soaring material costs and high inflation.
With the 16.1 per cent increase, the GSO estimated the total industrial production value in the first eight months of the year at VND438 trillion (US$26.6 billion).
A number of the country's key industrial products posted low rates of increase including power at 12.4 per cent, cement at 11.1 per cent and fertiliser at 7.3 per cent. The figures for steel and coal were only 3.2 and 2.6 per cent, respectively.
Production of crude oil, liquefied petroleum gas and clothing decreased between 4.7 and 19.2 per cent.
However, despite the slowdown in many sectors, a number of industrial products saw rates rise above the average 16.1 percent.
Truck and bus manufacturing topped the list with 26,500 and 46,300 units at a growth rate of 78 and 76.3 per cent, respectively. Washing machine production followed with 41.5 per cent. Television, detergents and seafood processing also posted high growth rates of more than 22 per cent each.
Of the country's total industrial production value, foreign-invested firms contributed VND181.5 trillion ($11 billion), a 17.7 per cent increase over the corresponding period last year.
Though ranked second with VND156.6 trillion ($9.5 billion), private enterprises were reported to be the sector with the highest rate of growth at 21.7 per cent.
With a growth rate of only 6.5 per cent. State-owned enterprises brought in only VND100 trillion ($6.6 billion), the GSO said.
Despite being the country's economic hub, HCM City reported a rate of only 13 per cent, much lower than the country's average. The figure for Hanoi was also only 14.6 percent.
VNN
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