Industrial output rises 4.8 pct in first nine months; vehicle parts skyrocket 148 pct

The index rose in September 4.6 per cent over the previous month and 9.7 per cent over the same month last year, the GSO said. In the third quarter, the IIP rose 2.5 per cent over the second quarter of the year and 5.5 per cent over the third quarter of last year.

In specific industrial sectors, electrical generation and distribution grew 12.8 per cent during the nine-month period, while water supply and treatment grew 8.4 per cent. Manufacturing and processing rose 4.2 per cent, while the mining industry saw growth of 4 per cent.

In specific manufacturing industries, car and motorbike parts production skyrocketed by 148.4 per cent during the period, while telecommunications equipment production grew by 57.3 per cent. Shipbuilding and floating tanks saw a 44.5-per-cent increase, while production of electronic components rose by 22.3 per cent.

Growth in industrial production has slowed due to global economic instability and domestic shortcomings, including high inventories, said the GSO, which noted that the IIP has risen between 10 to 17 per cent in stable periods during previous years.

Manufacturing and processing, which represents up to 70 per cent of all industrial production value, saw a 6.4-per-cent increase in the consumption index during the nine-month period, while inventory levels were at 20.4 per cent as of September 1.

Some industries with high inventory indicies included plastics, up 50.6 per cent; cement, up 50.2 per cent; steel and iron, up 40.6 per cent; other non-classified metals, up 41.1 per cent; tobacco, up 40.3 per cent; and garments, up 39.4 per cent.

Around the country, the northern province of Bac Ninh posted the highest IIP growth during the nine-month period, rising 23.5 per cent, following by southern Binh Duong Province, up 7.9 per cent; Dong Nai, up 6.9 per cent; the central city of Da Nang, up 6.1 per cent; the northern city of Hai Phong, up 5.1 per cent; and Ha Noi, up 4.3 per cent.

Vinh Phuc and Hai Duong provinces saw declines of 4.7 and 1.7 per cent, respectively.