29/09/2014 16:02 GMT+7 Email Print Like 0

Industrial production grows by 6.7 percent

Hanoi, September 29 (VNA) – Vietnam's index of industrial production (IIP) experienced a year-on-year increase of 6.7 percent from January to September 2014, the highest growth rate since the beginning of this year.

The General Statistics Office (GSO) also reported that during the nine-month period, the processing and manufacturing sector, which accounted for 70 percent of total industrial output, achieved an encouraging 8.3-percent growth.

Industrial products recording the highest growth included handsets with 72.3 percent; electronics, computers and optical equipment with 35.9 percent; leather products and footwear with 31.3 percent; and electrical output with 13.1 percent.

Products with lower growth rates include crude oil and steel at only 3.2 percent each; chemicals at three percent; and pharmaceuticals at 0.9 percent. Products with declining rates include sugar, which fell by 25.6 percent; and powdered milk, by 23.3 percent.

In spite of the nine-month growth, the nation's IIP remained equal to one-third of the growth seen a few years ago, GSO experts said. They attributed this to low consumption and a high inventory index, which stood at 11.6 percent.

The industry and trade sector in 28 northern cities and provinces will strive to achieve an IIP of 2.17 quadrillion VND (more than 102 billion USD) this year. Achievement of this target will lead to a 22.5-percent year-on-year increase.

The cities and provinces, including Lao Cai, Ha Giang, Lang Son and Bac Giang, as well as Thai Binh, Hanoi and Hai Phong, crafted 12 specific solutions to meet the target, including accelerating the construction of infrastructure projects and industrial zones; enhancing the application of information and technology in resolving administrative procedures; and strengthening the association among provinces.