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9M industrial production index up 7.9%

Released at: 13:50, 02/10/2017

9M industrial production index up 7.9%

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Index up 7.1% year-on-year and 7.2% compared to first eight months, GSO reports.

by Ngoc Chi

The nine-month industrial production index (IPI) increased 7.9 per cent, up 7.1 per cent year-on-year and 7.2 per cent compared to the first eight months of the year, according to the latest figures from the General Statistics Office (GSO).

The IPI in the third quarter was estimated to have increased 9.7 per cent; much higher than the figure in the first quarter, of 3.9 per cent, and the second quarter, of 8.1 per cent.

Manufacturing and processing grew 12.8 per cent; its highest increase for several years and contributing 9 percentage points to the overall increase. Mr. Nguyen Bich Lam, General Director of the GSO, said that this was the highlight of the industrial sector, which contributes significantly to GDP growth in general.

Power generation and distribution rose 8.9 per cent, contributing 0.6 percentage points to the overall increase, water supply and waste water treatment rose 7.8 per cent, contributing 0.1 percentage point, and mining fell 8.1 per cent, adding 1.8 percentage points less.

In the first nine months of the year, some sectors saw higher production indexes than in the same period last year, such as the production of electronic products, computers and optical products, which increased 25.1 per cent and 45.5 per cent in the third quarter.

The main reason was Samsung expanding its production of high-value electronic products, with expected revenue in electronics in 2017 at more than VND1.18 trillion ($51.9 million), up 17.7 per cent compared to last year.

Steel production increased 21.4 per cent, including the contribution from the Formosa Group, with a 2017 target of producing 1.5 million tons of raw steel and earning revenue of VND16.85 trillion ($741.4 million). Production of rubber and plastic products increased 11.6 per cent.

Sectors with low or declining growth included food processing, up 6.6 per cent, tobacco, down 2 per cent, and the exploitation of crude oil and natural gas, down 10.7 per cent.

The nine-month IPI in certain localities with large industry increased, such as Bac Ninh, up 25.1 per cent year-on-year, Hai Phong 20.1 per cent, and Thai Nguyen 18.1 per cent.

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