Industrial production shows strong growth in Q3

The General Statistics Office (GSO) reported a significant increase in Vietnam's industrial production during the third quarter of 2024. The value added of the industrial sector grew by an estimated 9.59% compared to the same period in 2023.

For the first nine months of 2024, the industrial sector's value added increased by 8.34% year-over-year. Processing and manufacturing led the way with a 9.76% growth rate, followed by electricity production and distribution at 11.11%. Water supply and waste treatment saw a 9.83% increase, while mining declined by 7.01%.

In terms of regional performance, 60 out of 63 localities experienced growth in industrial production during the first nine months.

Key industrial products witnessed substantial increases, including steel bars and angle steel (26.7%), gasoline and oil (20.3%), rolled steel (16.8%), fabric woven from natural fibers (15.9%), sugar (13.5%), NPK fertilizer (13.3%), milk powder (12.1%), and automobiles (11.9%).

However, some products saw declines, such as natural gas (-16.5%), liquefied petroleum gas (LPG) (-15.0%), mobile phones (-7.6%), crude oil extraction (-5.9%), coal (-4.2%), beer (-2.8%), and alumina (-2.3%).

Overall, the consumption index for the processing and manufacturing industry rose by 12.5% in the first nine months of 2024, compared to 0.6% in the same period of 2023.