Industrial production index jumps 8.3% in 10M

Vietnam’s Index of Industrial Production (IIP) in the first 10 months of 2024 increased by 8.3% year-on-year, the General Statistics Office (GSO) announced on November 6.

The manufacturing and processing sector rose 9.6% year-on-year, electricity production and distribution surged 10.3% and water supply and sewerage and waste management and remediation activities jumped 9.5% while mining dropped 7.2%.

In October, the IIP grew 4% compared to September and 7% year-on-year.

Fifty-nine among the total 63 centrally - run cities and provinces recorded an increase in the IIP during the 10-month period while 4 recorded declines.

Some localities have seen a fairly high increase in the IIP due to a sharp increase in the processing and manufacturing industry including Lai Chau (43.9%), Phu Tho (40.7%), Bac Giang (27.7%), Thanh Hoa (19.5%) and Quang Nam (19.3%).

Regarding employment, the GSO reported that the number of workers working in industrial enterprises as of November 1, 2024, increased by 1% compared to the same time last month and by 5.7% compared to the same time last year.