Industrial production grows in 11 months

November 30, 2019 | 11:22
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In the first 11 months of the year, domestic industrial production increased by 9.3% year-on-year, reflecting quite an optimistic climb, given the global uncertainties and domestic difficulties, according to the General Statistics Office (GSO).
industrial production grows in 11 months
Illustration photo

Accordingly, in the first 11 months of 2019, production of many industrial products witnessed strong year-on-year growth, such as steel (31.7%), metal ore exploitation (24.9%), refined oil products (24.6%), products from rubber and plastic (14.4%), paper and paper-based products (12.1%), furniture (11.4%), textile (11.3%), and drinks (10.9%).

The year-on-year index of industrial production grew from 9% in the first quarter to 9.24% in the second quarter, and up to 10.29% in the third quarter. The rate was 10.6% for the first 11 months of the year.

In the first 11 months, the packaging sector increased by 13% year-on-year, meaning great opportunities for firms and investors.

The first 11 months of 2019 saw a record 126,700 enterprises newly established, with total registered capital of over VND1.574 quadrillion (US$68.4 billion), employing 1.13 million labourers. This was up 4.5% in the number of enterprises, up 27.5% in capital, and up 11.8% in the number of employees.

The government is now placing its great priorities on supporting enterprises which are benefiting from an improved business climate and whose numbers have been strongly increasing, according to the Central Institute for Economic Management.

The Asian Development Bank forecast that Viet Nam’s economy will grow by 6.8% this year, while Standard Chartered Bank believed that the rate will be 6.9%, not only for 2019 but also for 2020 and 2021.


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