Vietnam’s Index of Industrial Production (IIP) rose 2.6 per cent in August compared to August 2022 but fell 0.4 per cent year-on-year in the first eight months, the General Statistics Office (GSO) has reported.

The manufacturing sector increased 3.5 per cent year-on-year in August, electricity generation and distribution 3.7 per cent, and water supply and sewerage and waste management and remediation activities 1.8 per cent, while mining fell 6.2 per cent.

Difficulties in the global economy during the first months of 2023 affected domestic industrial production, with the IIP in the first eight months losing 0.4 per cent year-on-year.

Figures from the GSO also show that the IIP increased in 49 localities during the eight-month period but fell in 14.

Regarding the prospects for industrial production, the Ministry of Industry and Trade said recently that Vietnam will continue maintaining its macro-economic stability over the remaining months of 2023, which will help facilitate investment attraction and industrial production.

The government will continue speeding up the disbursement of public investment to create breakthrough development for sectors such as steel, construction materials, and mechanics, thus contributing to promoting consumption and production and trade activities.