Vietnam’s industrial production up 6.2 percent in two months

Update: 10:34 | 03/03/2020
Vietnam’s industrial production index expanded by only 6.2 percent in the first two months of this year due to the impact of COVID-19 outbreak, much lower than 13.7 percent and 9.2 percent in the same period of 2018 and 2019, respectively.
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Of which, manufacturing and processing sector grew by 7.4 percent, contributing six percentage points to the index. Electricity production and distribution sector expanded by 8.4 percent, while water supply and waste treatment sector up 4.9 percent.

vietnams industrial production up 62 percent in two months
Illustrative image. (Photo: Trung Hieu)

Mining sector posted a 3.7 percent decrease in growth. Other under-performed sectors included crude oil and natural gas exploitation, down 8.6 percent, and wood processing and wooden furniture, down 5.2 percent.

Sectors posted higher growth compared to the same period last year were metal ore exploitation, up 25.4 percent; and coke and refined petrol, up 18.6 percent.

Speaking at a meeting recently held in Ha Noi, head of the Ministry of Industry and Trade’s Industry Department Truong Thanh Hoai said Vietnam’s manufacturing and processing sector largely relies on materials and spare parts imported from China, the Republic of Korea and Japan, which are hard-hit by the outbreak, for production.

Last year, Vietnam spent 40 billion USD on importing electronic spare parts from the above three countries. Domestic firms now have enough materials for production till mid- or late March.

In the same situation, almost textile and footwear firms also have sufficient materials till early March or early April.

In case they are forced to temporarily suspend part of or full operations due to the shortage of input materials, they must incur credit rates, machinery maintenance costs and salaries for workers, he said.

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(Source: VNA)