The industrial production in Vietnam continues to thrive, with the processing and manufacturing sector leading the growth.

The industrial production in Vietnam continues to thrive, with the processing and manufacturing sector leading the growth.

According to data released by the Statistics Bureau, the added value of the entire industrial sector in the first quarter of 2024 is estimated to have increased by 6.18% compared to the same period last year. Specifically, the processing and manufacturing industry increased by 6.98%, contributing 1.73 percentage points to the overall economic growth; the electricity production and distribution sector increased by 11.97%, contributing 0.45 percentage points; and the water supply, sewage treatment, and waste management sector increased by 4.99%, contributing 0.03 percentage points. Conversely, the mining industry decreased by 5.84%, reducing 0.20 percentage points.

The report also highlights that several sub-sectors of the industrial sector II have experienced year-on-year growth. Chemical product manufacturing increased by 28.4%; rubber and plastic product manufacturing increased by 25.8%; electrical equipment manufacturing increased by 24.8%; coal tar and petroleum product manufacturing increased by 21.7%; furniture manufacturing increased by 18.1%; metal manufacturing increased by 16.6%; textile manufacturing increased by 14.6%; food processing increased by 4.5%; and electronic product, computer, and optical product manufacturing increased by 0.4%. Conversely, some industries such as machinery and equipment repair, maintenance, and installation decreased by 21.2%; crude oil and natural gas extraction decreased by 8.6%; and other transport equipment manufacturing decreased by 6.2%.

Regarding industrial production in various regions in the first quarter of 2024 compared to the same period last year, the report recorded growth in 54 provinces and a decline in 9 provinces nationwide.

Some regions experienced significant growth in industrial production, primarily due to growth in the processing and manufacturing industry. For example, Quang Ninh increased by 39.9%; Phu Tho increased by 27.7%; Bac Giang increased by 24%; Thanh Hoa increased by 18.6%; Ha Nam increased by 17.9%; Ninh Thuan increased by 17.4%; Tay Ninh increased by 14.4%; and Hai Duong increased by 12.8%.

The production index of the electricity production and distribution sector significantly increased in certain regions, such as Khanh Hoa by 476.5%; Tra Vinh by 164.0%; Thanh Hoa by 41.3%; Hai Duong by 17.3%; Bac Giang by 15.7%; and Ninh Thuan by 13.5%.

Conversely, some regions experienced lower or negative growth in industrial production due to declines in the processing and manufacturing industry, such as Quang Nam by 0.5%; Quang Ngai by 0.2%; Ca Mau by 9.5%; and Bac Ninh by 8.8%.

Some key industrial products experienced year-on-year growth in the first quarter of 2024. For example, steel bars and angles increased by 29.1%; hot-rolled steel increased by 24.1%; NPK compound fertilizer increased by 23.1%; natural fiber textiles increased by 21.8%; petroleum products increased by 21.7%; urea increased by 16.9%; diameter increased by 14%; chemical paint increased by 13.9%; and electricity production increased by 11.4%. Conversely, some products experienced a decrease in production, such as liquefied petroleum gas by 13.3%; automobiles by 11.3%; and televisions by 11.1%.

In terms of the overall consumption index of the processing and manufacturing industry, it increased by 12.7% in March 2024 compared to the previous month and by 0.2% compared to the same period last year. The total consumption index for the entire first quarter of 2024 increased by 8.2% compared to the same period last year (which decreased by 2.9% in the same period last year).

The overall inventory index of the processing and manufacturing industry is estimated to have increased by 9.8% as of March 31, 2024, compared to the previous month, and by 14.1% compared to the same period last year (which increased by 19.8% in the same period last year). The average inventory ratio for the first quarter of 2024 was 68.7% (compared to 81.1% in the first quarter of 2023).

As of March 1, 2024, employment in industrial enterprises increased by 1.3% compared to the previous month and by 1.1% compared to the same period last year. By industry, employment in the mining industry increased by 0.2% compared to the previous month and by 0.7% compared to the same period last year; employment in the processing and manufacturing industry increased by 1.4% compared to the previous month and by 1.1% compared to the same period last year; employment in the electricity, gas, hot water supply, steam, and air conditioning production and distribution industry remained unchanged compared to the previous month and increased by 0.8% compared to the same period last year; employment in the water supply, sewage treatment, waste management, and pollution control industry increased by 0.1% compared to the previous month and by 1.2% compared to the same period last year.

For more information about real estate projects in Ho Chi Minh City and neighboring provinces, please contact FTT LAND!

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