Industrial production eases

The country's industrial production in October dropped slightly 0.2 per cent compared to the average growth rate for the first 10 months, according to the General Statistics Office (GSO).

Industrial value was up by 13.5 per cent over the same period last year compared to the average 13.7 per cent for the first 10 months, equating to an estimated VND645 trillion (US$33 billion) for the year.

The slight decrease was attributed to the decrease in production of key products including crude oil, sugar, televisions, vegetable oil, washing machines, footwear and ceramic tiles.

However, high growth was seen in products such as powdered milk (26.1 per cent), beer (21.4 per cent), sports shoes (19.5 per cent), gas (18.9 per cent), cement (16.1 per cent) and LPG, which rose by 125 per cent over the same period last year.

According to the GSO, some production sectors saw a decrease in consumption such as wooden products, ceramics, home appliances, steel and fertiliser, drugs and aqua processing products.

Foreign direct investment sector saw the highest increase in industrial value at $14.3 billion. It was followed by non State-run businesses with a nearly $12 billion increase and the State-run sector hit $7.71 billion.

HCMC sees sharp rise

Meanwhile, HCM City recorded an industrial production value of over VND167.58 trillion ($8.5 billion) in the first ten months of 2010, a year-on-year increase of 14 per cent.

The growth rate was considered robust compared to the 7.2 per cent recorded in the same period last year.

The domestic sector contributed VND107.56 trillion or 64 per cent of the total, and the foreign-invested sector made up the remainder.

In October alone, the industrial production value was VND19.18 trillion, up 14.8 per cent over the same month in 2009. The most impressive growth was seen in the manufacturing of electric machines and equipment, with 34.6 per cent.

However, sharp drops were seen in coal mining – at 33.5 per cent, and office equipment and transport facilities manufacturing – at 13 per cent.

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