Industrial production increases by 8.6% in the first 8 months of 2024
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Loading... - Mizuki Hoga
- 11 Sep 2024
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Vietnam's industrial production index (IIP) saw a significant increase of 8.6% year-on-year during the first eight months of 2024, according to the General Statistics Office (GSO). This growth was primarily driven by the processing and manufacturing industry, which rose by 9.7%, and electricity production and distribution, which surged by 11.6%. The water supply, waste, and wastewater management sector also contributed with a 7.8% increase. However, the mining sector experienced a decline of 6%.
In August alone, the IIP rose by 2% compared to July and 9.5% year-on-year, reflecting continued industrial momentum.
Additionally, the number of workers in industrial enterprises as of August 11th grew by 0.9% month-on-month and 4.5% year-on-year, indicating an expansion in industrial employment.
The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) was recorded at 52.4 in August, a slight decrease from 54.7 in July. Despite this, the index still indicates a solid improvement in business conditions. The growth in new orders and reduced cost pressures led manufacturers to increase their purchasing activities for the fourth consecutive month, with the rate of growth in purchasing activity reaching its fastest pace since May 2022.
Manufacturers remain optimistic about future production, expecting continued improvements in customer demand and new orders over the coming year.
