Vietnam's IIP up 8.6% YoY in 1st 3 quarters of 2024

The nine-month IIP growth was driven, partly, by the manufacturing sector (up by 9.8 per cent). The nation’s fabric industry saw a growth of 16 per cent YoY over this period.

As of September 30, the inventory index for the processing and manufacturing industry was estimated to have increased by 5.2 per cent month on month and by 8.5 per cent YoY.

The country is projected to be among the top three Southeast Asian nations in industrial competitiveness by the end of this decade, according to the country’s ministry of industry and trade (MoIT).

The target is to make the industrial sector's share in gross domestic product (GDP) more than 40 per cent, with the manufacturing and processing industry alone accounting for around 30 per cent of GDP, according to an action programme chalked out following resolution number 29 of the 13th Party Central Committee on further promoting the industrialisation and modernisation of the country until 2030, with a vision to 2045.

The average per capita value added in manufacturing and processing industries per capita is expected to reach over $2,000. The proportion of labour in the industrial and service sectors is expected to reach over 70 per cent.

To achieve this, the government aims to set up several large-scale industrial corporations and enterprises with international competitiveness in basic, priority and key industries.

It plans to build and develop several domestic industrial clusters with international competitiveness, mastering some production value chains.

Developing export markets for industrial products by taking advantage of free trade agreements would be accorded top priority, the government said.

Facilitating supporting industries in areas such as smart electronics, cars, textiles and garments, mechanical and automation, biotechnology and hi-tech industries, along with applying import management measures by the commitments that Vietnam has made to support the development of important national industries, will be also included.

The government will also pay keen attention to perfecting the legal framework to develop other major industries, apart from developing raw material areas for industrial sectors, especially garment and footwear.

Fibre2Fashion News Desk (DS)