Industrial production flourishes in Vietnam in Q1 2022

06 Apr '22

2 min read

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Vietnam’s index of industrial production (IIP) in the first quarter (Q1) of this year continued to flourish with a year-on-year (YoY) increase of 7.07 per cent, according to the General Statistics Office (GSO), which recently said the rise—much higher than the 6.44 per cent seen in Q1 2021, contributed 2.42 percentage points to the economy's growth in Q1 2022.

The processing and manufacturing industry had a yearly IIP rise of 7.79 per cent. Key industries that recorded high increases in Q1 include clothing (up 24.1 per cent) and machinery and equipment (16.2 per cent).

On the contrary, several industries, such as rubber and plastic products and crude oil and natural gas, witnessed a decline in industrial production.

The GSO also said the consumption index of the processing and manufacturing industry in Q1 rose by 6.6 per cent compared to the corresponding period last year. In March, the index increased by 19.1 per cent month-on-month and 11.2 per cent YoY.

The average inventory rate of the processing and manufacturing industry in the first three months was 79.9 per cent, higher than the 75.1 per cent recorded last year.

The ministry of industry and trade said it was necessary to ensure an adequate supply of raw materials for energy production, business recovery, and socio-economic development in the coming months.

The ministry recommended removing obstacles to important industrial projects and maximum support for factories to maintain production, keep orders, and maintain the supply chain.

Fibre2Fashion News Desk (DS)

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