Industry begins to rebound
Revenue in the last nine months has increased 6.5 per cent over the same period last year, totalling VND505.9 trillion (USD28.4 billion), most of it from crude oil and coal. The year-end target, however, is still short by 16.5 per cent, according to the ministry.
Mining and production are among the industries that have gained average growth.
The processing industry grew slowly although the rate was higher than previous months.
Crude oil prices were higher than earlier this year, USD60 to USD70 per barrel, which have contributed to the rise in export turnover for the period.
Import turnover reached USD48.2 billion, a fall of 25.3 per cent compared with the same period last year. However, the trade deficit in the last nine months has edged up to USD 6.5 billion, occupying 15.7 per cent of export turnover.
Imports of iron and steel, cotton, fertilisers and plastic materials has shown signs of recovery in several industrial sectors, according to experts.
The ministry expects industrial revenue for the entire year to reach VND693.795 trillion (USD38.9 million), thanks to the governmental stimulus packages and the slow recovery of the world economy, marking a year-on-year rise of 7.2 per cent over the last year.
