Vietnam’s index of industrial production (IIP) in April is estimated to rise by 24.1 percent year-on-year, driven by the positive impact of free trade agreements (FTA), according to the General Statistics Office.
Vietnam's April industrial production increases by 24.1 percent (Photo: VNA)
Hanoi (VNA) – Vietnam’s index of industrial production (IIP) in April isestimated to rise by 24.1 percent year-on-year, driven by the positive impact of free trade agreements (FTA), according to the General Statistics Office.
The IIP in the first four months of 2021 enjoyed a year-on-year increase of 10 percent, boostedby the growth of manufacturing and processing (12.7 percent), electricityproduction and supply (6.6 percent), and water supply and waste and wastewatertreatment (7.5 percent).
Key industries that recorded high increases include metal production (37.9percent), motorised vehicle production (32.9 percent), and furniture production(17.6 percent).
On the contrary, the mining sector posted a decrease of 5.7 percent against thesame period last year.
The number of labourers working in industries as of April 1rose by 1.5 percent month-on-month, and 1.8 percent year-on-year.
To address inventory and promote production, in the comingtime, the Ministry of Planning and Investment proposes localities continuereforming administrative procedures, simplifying specialised inspectionprocedures, and at the same time, implementing the Prime Minister’s Decision approvingthe Action Plan on improving competitiveness and developing logistics services.
Sectors are advised to focus on supporting the developmentof the domestic markets, studying consumption stimulus policies forlocally-made products, and developing supporting industries./.
The index of industrial production (IIP) of major industries in Ho Chi Minh City increased 7.5 percent year-on-year in the first quarter of this year, 3.7 percentage points higher than the sector’s overall growth.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Vietnam's April industrial production increases by 24.1 percent (Photo: VNA) 
