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Industrial production index in 2021 is forecast to increase by 6%


From October 2021, if the disease control continues to be as positive, industrial production growth in the fourth quarter will be higher than the third quarter, contributing to the realization of the 2021 target.

According to a 9-month report of the Ministry of Industry and Trade, due to the negative impact of the COVID-19 pandemic, localities with large industrial parks have to implement prolonged social distancing, causing the added value of industry in the third quarter of 2021 to decrease by 3.5% compared to the same period in 2020. However, accumulated over the first nine months of 2021, the added value of the industry is still maintaining an increase of 4.45% compared to the same period in 2020.

In which, the processing and manufacturing industry continued to be the growth engine of the whole economy with an increase of 6.05%, contributing 1.53 percentage points to the growth rate of total added value of the whole economy. The electricity production and distribution industry increased by 5.24%, contributing 0.2 percentage points. Mining sector fell 7.17% due to a 6% drop in crude oil production and a 17.6% drop in natural gas.

The index of industrial production (IIP) in September 2021 recovered slightly, estimated to increase by 5% compared to August. Accumulated over the first nine months of 2021, the IIP is estimated to increase by 4.1% over the same period in 2020.

In which, the processing and manufacturing industry increased by 5.5%; electricity production and distribution increased by 4.3%; water supply, waste and wastewater management and treatment activities increased by 3.6%, while only the mining industry decreased by 6.4%.

In particular, the production index in the first nine months of 2021 of several key industries of grade II industry increased sharply compared to the same period last year.

Typically, metal production increased by 28.4%; production of electronic products, computers and optical products increased by 7.7%; apparel production increased by 4.8%; production of leather and related products increased by 4.5%; production of prefabricated metal products (except for machinery and equipment) increased by 3.4%; production of other non-metallic mineral products increased by 2%.

Giving a general assessment of industrial production in 9 months, a representative of the Ministry of Industry and Trade said, the growth of many commodity groups has shown the efforts of the entire political system, the close coordination of central and local agencies, and the pandemic situation is gradually being controlled. Synchronous solutions to support and restore production and business have started to work, industrial production in September has shown signs of improvement.


Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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