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Vietnam’s industrial production surges 7.5% in 2016 PDF Print
Thursday, 05 January 2017 10:58

VIETRADE The nation’s index of industrial production (IIP) rose by 7.5% in 2016, much lower than the 9.8% growth recorded in 2015, according to the General Statistics Office (GSO).

 

GSO blamed the unsatisfactory IIP growth for the strong decline in the mining industry of around 6%.

 

In a bright spot, the processing and manufacturing sector, that accounted for 75% of the country’s total industrial production, increased by 11.2% in 2016. While electricity production and distribution experienced a growth of 11.5% and the water supply and waste treatment sector rose 7.2%.

 

Among industrial products recording high IIP in 2016 includes televisions (up 70%), steel (up 27%), automobiles (up 22%), animal feed (up 18.3%), cement (up 15%) and milk powder (up 13%).

 

The IIP, however, declined for products such as mobile phones (down 11%), crude oil (down 10%), sugar (down 8.3%) and fertilizer (down 6%).

 

Provinces and cities that posted significant industrial production growth were the central province of Quang Nam at 30%; the northern provinces of Hai Phong and Thai Nguyen at 27% and 17%, respectively; Hanoi at 7%; and HCM City at 7.5%.

 

According to head of GSO Nguyen Bich Lam, in spite of a lower industrial production growth, an 8.4% rise in the consumer index of the manufacturing and processing industry and an 8.1% increase in its inventory index, the lowest level in the past few years, proved that the national economy was well on track to recovery and development.

 

Earlier, the Ministry of Industry and Trade forecast that the country’s industrial production in 2017 would likely to grow 8% year-on-year, Viet Nam News newspaper reported.

 

Under the ministry’s development plan for the industrial sector in 2017, it predicted that the power industry would produce 99 billion kWh of electricity and would have to buy an additional 179.8 billion kWh in 2017, up roughly by 13% against the previous year.

 

According to the ministry, the oil and gas sector would likely to exploit only around 14.8 million tonnes of crude oil in 2017, 13% lower than one year ago. However, the output of gas would rise by 11% to 11.3 billion cu m.

 

Meanwhile, the output of the coal industry was expected to remain unchanged at 38.3 million tonnes in 2017. However, this sector, as well as the engineering industry, would be influenced by the global low prices.

 

Among the heavy industries, the steel sector would see a 17% rise in output to reach 5.6 million tonnes of unprocessed steel, while rolled steel was expected to surge by 18% to 5.84 million tonnes.

 

For the fertilizer industry, the ministry forecast that the output of urea fertilizer would inch up by 2.2% to 2.01 million tonnes, while NPK fertilizer would rise 2.4% to 2.67 million tonnes.

 

The ministry also foresaw that the textile-garment and footwear industries would have more opportunities in 2017, as a number of new free trade agreements would take effect./.



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