Vietnam’s industrial production index for May increased 10 percent

The index of industrial production (IIP) increased by 9.9 per cent during the first five months of the year over the same period of last year. Whereas, the processing and manufacturing industry grew by 12.6 percent, while the electricity production and distribution industry 8.3 percent, the water supply, drainage and waste treatment 7.5 percent, while the mining industry decreased by 7 percent.

In comparison to the five months of last year, the five months of this year’s key industries had a high production index among the secondary industries. Metal production increased by 38 percent, motor vehicle production 35 percent, production of beds, wardrobes, tables and chairs 18.3 percent, and production of electronic products, computers and optical products 15.5 percent.

On the other hand, some industries recorded a decrease like the Crude oil and natural gas exploitation which fell by 11.5 per cent, print, copy records of all kinds 5.1 per cent, hard coal and lignite mining 3.8 per cent, drainage and waste treatment 1.6 per cent and the production of coke and refined petroleum products which dropped by 0.4 per cent.

Industrial enterprises employees grew by 1.2 percent as of May in comparison to the same period last month and by 2.2 percent compared to the same period last year. It has been estimated last month that the Industrial production will increase by 1.6 percent over the previous month and by 11.6 percent over the same period last year regardless of the Covid-19 situation which directly affected various industrial zones especially in the two provinces of Bắc Giang and Bắc Ninh.

As such, the industry of mining fell by 6.4 percent on a month-on-month basis while by 9.8 percent on a year-on-year basis, whereas, processing and manufacturing rose by 2.6 percent and 14.6 percent respectively. Electricity production and distribution grew by 12 percent year-on-year and the water supply, drainage, and waste treatment rose by 6.8 percent.