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Industrial production up 9.1 per cent in Q1

2015-03-31 14:22:25

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Viet Nam's industrial production index (IIP) saw relatively high growth in the first quarter of this year, according to the General Statistics Office (GSO).
 
The index grew 9.1 per cent, compared with 5.3 per cent in the first quarter last year and 4.9 per cent in 2013.
 
GSO analysts attributed the improvement to the industrial consumption index's strong growth in the first two months of this year. It rose 14.7 per cent on the year, much more than last year's 4.3 per cent during the same period.
 
The processing and manufacturing sector, which contributed more than three fourths of overall growth, increased 9.6 per cent, as opposed to 7.4 per cent in Q1 last year.
 
About 61.5 million mobile phones were produced during the first quarter, doubling last year's output. Meanwhile, production of powdered milk fell by 16.8 per cent.
 
Other industrial products posting high IIP increases during Q1 included automobiles (52.6 per cent), television sets (38.6 per cent), food for aquatic products (27.4 per cent), chemical paint (17.2 per cent), leather and footwear (16.3 per cent), fresh milk (16.2 per cent), rolled steel (12.4 per cent) and petroleum (9.8 per cent).
 
Products with low IIP included aquatic products and seafood (8.9 per cent), cement (5.9 per cent), coal (3.2 per cent) and natural gas (0.2 per cent).
 
Sectors with decreased IIP included sugar (0.1 per cent), clothes (0.3 per cent), wire cloth from natural fabric (4.5 per cent), liquefied gas (6.5 per cent) and motorbikes (11.8 per cent).
 
The country's IIP increase is still low compared with increases of 14 to 16.17 per cent before the world economic downturn period.
 
GSO's analysts attributed the slower growth to low product competitiveness. Fake versions of domestic products were sold at much lower prices.
 
Source: VNS