Industrial production up 5.4 percent

Industrial production in April has bounced back, with a 5.4 percent increase year-on-year, according to the General Statistic Office (GSO).

Industrial output this month was estimated at VND55.5 trillion, bringing total production in the first four months to VND209 trillion.

Industrial performance showed signs of recovery in all three sectors, said economic expert Nguyen Quang Ha, from the GSO’s general economic statistics department.

The private sector saw a strong growth of 9.1 percent, compared with the State sector (4 percent) and the foreign direct investment sector (3.1 percent).

The crude oil sector made the best performance with an increase of 29.3 percent to 3,828 million tonnes, LNG (33 percent), cigarettes (9 percent), textiles (10 percent), fertilizer (10.6 percent), detergent (26 percent), steel (32.3 percent), building glass (61.8 percent) and production electricity (5.3 percent).

This year’s total industrial production is expected to increase by 7.4 percent to reach 14-16 percent like in previous years.

The increase is based on a rise in domestic consumption due to stimulus policies by the Government: 4 percent (estimated at US$1 billion) interest rate subsidy for businesses, 100 percent of interest rates for loans for agricultural production equipment and 4 percent for buying construction materials in rural areas.

VNS/VOVNews

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