In the first 9 months of 2024, some key industrial products increased sharply.

According to the Report on Industrial Production and Trade Situation in September and the first nine months of 2024, the total value added of the industrial sector is estimated to have increased by 8.34% compared to the same period last year, contributing 2.71 percentage points to the overall growth rate of the total value added of the economy . Of this, the manufacturing industry was the driving force of the overall economic growth with a growth rate of 9.76% (Q1 increased by 7.21%; Q2 increased by 10.39%; Q3 increased by 11.41%), contributing 2.44 percentage points to the overall growth rate of the economy (GDP for the first nine months is estimated to have increased by 6.82% compared to the same period last year); the electricity production and distribution sector increased by 11.11%, contributing 0.43 percentage points. The water supply and waste treatment sector increased by 9.83%, contributing 0.06 percentage points; while the mining sector decreased by 7.01%, reducing the overall growth by 0.22 percentage points.

In September 2024, the impact of Typhoon No. 3 ( Yagi ) disrupted the five-month streak of continuous production growth, causing the Purchasing Managers' Index (PMI) to fall below 50 points (reaching 47.3 points compared to 52.4 points in August). Consequently, the Industrial Production Index (IIP) in September 2024 saw a slight decrease compared to the previous month (down 0.2%). However, thanks to the positive recovery of industrial production in recent months, the IIP in September 2024 still increased by 10.8% compared to the same period last year.

Overall, for the first nine months of 2024, the industrial production index (IIP) is estimated to have increased by 8.6% compared to the same period last year (compared to only 0.3% in the same period of 2023). Specifically, the manufacturing sector increased by 9.9% (compared to only 0.2% in the same period of 2023); the electricity production and distribution sector increased by 11.1% (compared to 2.6% in the same period of 2023); the water supply, waste management and wastewater treatment sector increased by 9.9% (compared to 4.9% in the same period of 2023); while the mining sector decreased by 6.5% (compared to a decrease of 3% in the same period of 2023).

The production index for the first nine months of 2024 in several key industries under the second-level industrial sector increased significantly compared to the same period last year, such as: Production of rubber and plastic products increased by 28.8%; production of beds, cabinets, tables, and chairs increased by 24.7%; production of coke and refined petroleum products increased by 18.8%; production of chemicals and chemical products increased by 16.9%; production of motor vehicles increased by 13.0%; textiles increased by 12.8%; metal production increased by 12.3%; production of prefabricated metal products (excluding machinery and equipment) increased by 12.0%; production of leather and related products increased by 11.6%; production of electronic products, computers, and optical products increased by 9.1%; and food processing increased by 7.8%. Conversely, the Industrial Production Index (IIP) of some sectors showed low increases or decreases: Beverage production increased by 0.4%; production of other non-metallic mineral products decreased by 0.3%; repair, maintenance and installation of machinery and equipment decreased by 3.7%; mining of hard coal and lignite decreased by 4.2%; crude oil and natural gas extraction decreased by 11.5%.

Industrial production increased across the board, with the industrial production index (IIP) rising in 60 out of 63 localities during the first nine months. In particular, some localities saw relatively high double-digit increases in the IIP, driven by strong growth in the manufacturing and processing industries or the electricity production and distribution sector (Lai Chau's IIP increased by 43.3%; Tra Vinh by 41.9%; Phu Tho by 38.7%; Khanh Hoa by 36.4%; Bac Giang by 27.7%; Son La by 27.3%; Thanh Hoa by 20.4%...).

Several key industrial products showed significant increases in the first nine months of 2024 compared to the same period last year, such as: steel bars and angles (up 26.7%); gasoline and diesel (up 20.3%); rolled steel (up 16.8%); textiles made from natural fibers (up 15.9%); refined sugar (up 13.5%); NPK compound fertilizer (up 13.3%); powdered milk (up 12.1%); and automobiles (up 11.9%). Conversely, some products decreased compared to the same period last year, such as: natural gas (down 16.5%); liquefied petroleum gas (LPG) (down 15.0%); mobile phones (down 7.6%); crude oil extraction (down 5.9%); coal (clean coal) (down 4.2%); beer (down 2.8%); and alumina (down 2.3%).

The consumption index for the entire manufacturing industry in the first nine months of 2024 increased by 12.5% ​​compared to the same period in 2023 (compared to a 0.6% increase in the same period of 2023). Meanwhile, the inventory index for the entire manufacturing industry, estimated at September 30, 2024, increased by 5.2% compared to the same period of the previous month and only increased by 8.5% compared to the same period of the previous year (compared to a 19.4% increase in the same period of the previous year). At the same time, the average inventory ratio for the entire manufacturing industry in the first nine months of 2024 was 76.8% (compared to an average of 85.3% in the first nine months of 2023)... these are signs indicating a positive recovery in production and consumption.

The number of workers employed in industrial enterprises as of September 1, 2024, although only increasing by 1.1% compared to the previous month, increased by as much as 5.2% compared to the same period last year. This also indicates an increase in export orders, requiring businesses to increase production, along with an increased demand for labor to support production activities.

Source: https://moit.gov.vn/tin-tuc/tai-co-cau-nganh-cong-thuong/9-thang-nam-2024-mot-so-san-pham-cong-nghiep-chu-luc-tang-cao.html