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Vietnam industry mounts over 7% in July

Fri, 01 Aug 2014. Last updated Mon, 01 Jun 2015 14:03

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The General Statistics Office announced the index of Vietnam industry in July 2014 with positive proportion of 7.5% compared to the same period of last year. This is one of the key indicators to measure "health" of Vietnam economy in general.

According to the socio-economic report of July 2014, in seven months, the index of industrial production increased by 6.2% year on year (increased 5.3% in the 1st quarter, and 6.9% in the 2nd quarter).

 

Processing and manufacturing

Car manufacture in Vietnam

 

Over seven months, industries of processing and manufacturing ranked top with an increase of 8.1% (7.4% in the 1st quarter and 8.6% in the 2nd one), contributing 5.7 percentage points to the overall growth of Vietnam industry. Some manufacturing industries have higher growth rates such as manufacturing electronic products, computers and optics, motor vehicles, leather and other related products, textiles, paper and paper-made products. Production and distribution of electricity increased by 11.4%, and contributed 0.8 percentage points. The branch of water supply, waste treatment, waste water increased by 6.5%, contributing 0.1 percentage points. Mining sector, in particular, kept declining by 1.7%, losing 0.4 percentage points in overall industrial growth.

In terms of manufactured products, the report showed a number of products reaching a seven-month increase compared to the same period in 2013 such as mobile phones (37.8%), automobile (27.3%), steel (23.8%), television (23.3%), footwear, leather footwear (19.5%), and dairy product (17.4%)... Local industrial index evaluated in seven months shows that Da Nang has the highest growth rate of 10.8%, followed by Quang Nam (10.2%) and Hai Phong (10%). Meanwhile, two “economic engines” including Ho Chi Minh City and Hanoi increased 6.2% and 4.2% respectively.

 

Inventory

Dung Quat Oil Refinery Plant

 

Besides, the report also reveals that the consuming figure of industry in Vietnam saw a fall in processing and manufacturing by 0.2% in June compared to May, but increased 8.9%year on year. Specifically, the consumption sectors having higher indices in six months are manufacturing electronic products, computer and optical products (increasing by 40%), production of leather and related products (rising by 20%), production of prefabricated metal (except machinery and equipment) mounting by 17% ...

Although production and consumption have positive changes, but the inventory index began rising again. At the time of July 1, 2014, the figures of industry-wide inventory of processing and manufacturing was 13.2% bigger than the same period in 2013. According to the report, the percentage of industry-wide inventory of processing and manufacturing on an average of six months was 77.2%, in which some sectors having high inventory are drug production, chemical production and chemical products…

 

New enterprises

Vietnam consumer goods attracts Japanenese investors

 

In July, the report shows that the number of new enterprises in Vietnam registering to establish is 5,083 ones with a total capital of 31,518 billion dong (falling 16.5% in the number of enterprises, and 45% in the capital). Accordingly, the figure of employee having job at these enterprises is 88 thousand of people, decreasing 1.1% month on month. However, there are nearly 5,000 enterprises being at risk of dissolving or suspending, falling 22.6% in comparison with the previous month.

In overall of seven months, there were 42,398 enterprises registering to establish with a total registered capital of VND262.4 trillion, falling by 7% in number and 17.8% of the registered capital compared to the same period in 2013. The analysts stressed that the processes of screening eliminating these enterprises would take place throughout the country. In particular, some businesses in difficulties are forced to dissolve and cease operations in seven-month term. The number of businesses is up to 37, 612 (up 9.8% compared to the same period in 2013).

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