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| Industrial production in August continued a more positive trend than the previous month. (Source: Samsung Vietnam) |
Specifically, the industrial production index in August 2023 is estimated to increase by 2.9% over the previous month and by 2.6% over the same period last year.
Of which, compared to the same period last year, the processing and manufacturing industry increased by 3.5%; the electricity production and distribution industry increased by 3.7%; water supply, waste and wastewater management and treatment activities increased by 1.8%; the mining industry alone decreased by 6.2%.
In particular, in some localities with large industrial scale, the IIP index in August 2023 increased compared to the previous month. For example, Hai Phong increased by 26.4%; Bac Ninh increased by 8.2%; Thai Nguyen increased by 6%; Bac Giang increased by 5.4%; Vinh Phuc increased by 5.3%; Ho Chi Minh City increased by 3.4%; Vinh Long increased by 2.2%; Hai Duong increased by 2.1%; Long An increased by 1.5%; Binh Duong increased by 1.1%.
However, due to the difficult world economic situation in the first months of 2023, affecting domestic industrial production results, in the first 8 months of 2023, the IIP of the entire industry is estimated to decrease by 0.4% compared to the same period last year, significantly lower than the IIP increase of the first 8 months of previous years.
Specifically, from 2019 to present, the IIP growth rate of the entire industry in the first 8 months increased by 9.5%; 2.2%; 5.5%; 9.2% and -0.4% respectively.
In the 0.4% decrease of IIP in the first 8 months of this year, the processing and manufacturing industry decreased by 0.6% (in the same period in 2022, it increased by 10.1%), reducing the overall growth rate by 0.3 percentage points; the electricity production and distribution industry increased by 1.7%, contributing 0.2 percentage points; the water supply, waste and wastewater management and treatment industry increased by 4.8%, contributing 0.1 percentage points; the mining industry decreased by 2.5%, reducing 0.4 percentage points.
Data from the General Statistics Office shows that IIP in the first 8 months of 2023 compared to the same period last year increased in 49 localities and decreased in 14 localities nationwide.
Some localities have a high IIP index due to the high growth of the processing and manufacturing industry; the electricity production and distribution industry. On the contrary, some localities have a decrease in the IIP index due to the decrease of the processing and manufacturing industry; the mining industry; and the electricity production and distribution industry.
Specifically, localities with high production index of processing and manufacturing industry in the first 8 months of 2023 compared to the same period last year are: Bac Giang - up 16.4%; Phu Tho - up 15.7%; Nam Dinh - up 13.8%; Kien Giang - up 13%; Hai Phong - up 12.1%; Phu Yen - up 11.8%.
Meanwhile, many localities continued to have a sharp decrease in the production index of the processing and manufacturing industry in the first 8 months of 2023 compared to the same period last year.
For example, Quang Nam decreased by 32.2%; Bac Ninh decreased by 16.9%; Vinh Long decreased by 14.4%; Soc Trang decreased by 4.8%...
These indicators show that, although the trend has become more positive, industrial production will continue to face great difficulties and challenges. The negative increase in the industrial production index in 8 months will continue to affect economic growth.
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