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Industrial production hits new low
Industrial production value in September fell to its lowest compared to the monthly average earlier in the year, the General Statistics Office has reported.
The figure marks only a 15.2 per cent year-on-year increase. The increases in September of previous three years were 18.1 per cent in 2007, 18.7 per cent in 2006 and 19.8 per cent in 2005.
Growth in industrial production value in the first nine months of this year only reached only 16 per cent, the office said. The figure was also the lowest compared to the last three years: 17.1 per cent in 2007, 16.8 per cent in 2006 and 16.5 per cent in 2005.
Industrial production value in the first nine months of 2008 reached VND493.19 trillion (US$29.9 billion), including VND113.36 trillion ($6.87 billion) from the State-owned enterprise sector, VND175.31 trillion ($10.62 billion) from the private sector, and VND204.52 trillion ($12.39 billion) from the foreign invested sector.
The GSO experts specialising in industrial economy and construction said difficulties in production and consumption attributed to the decline in industrial production value this month and in the third quarter of this year, which suffered the effects of high inflation and efforts to curb inflation.
Impacts of the world financial crisis have also affected consumption of export industrial products from Viet Nam to large foreign markets, including the US and European Union, they said.
The experts said the two industrial sectors of exploitation and processing saw the largest fall in production value compared with the same period in 2007.
Production of the exploitation sector, often accounting for 75 per cent of the added value of the industrial sector, in the first nine months of this year fell 3.5 per cent compared with the same period of last year.
Exploitation of crude oil reached 10.8 million tonnes, 7.6 per cent lower than the same period last year.
The exploited output of crude oil was expected to reach 15.3 million tonnes this year, a decline of 4.2 per cent compared to last year. The figure would be 1 million tonnes lower than the plan at 16-16.2 million tonnes which is 0.6 per cent higher than the volume in 2007.
The decline of exploited crude oil is mainly due to limited underground supplies, so the exploitation is more difficult, the office said.
Exploited coal output reached 31.25 million tonnes in the nine months, an increase of 1.6 per cent over the same period last year.
Meanwhile, other important industrial sectors increased their industrial production value over the same period last year, including the automobile assembling sector up 69.7 per cent, household utensil production up 30 per cent, seafood processing at 24.6 per cent and electric production at 12.3 per cent.
Some provinces with large-scale industrial production still maintained high growth rates, including Vinh Phuc Province with 32.6 per cent due an increase of industrial production value from foreign invested enterprises, Hai Phong City up 18 per cent, Dong Thap Province up 55.2 per cent and Ninh Binh Province up 48.9 per cent.
HCM City holding one fourth of the total industrial production value, rose only 12.8 per cent. The figure for expanded Ha Noi was 14 per cent, lower than the country’s average.
VNN
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