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Industry leading growth
Updated: 8/5/2015 GMT + 7
With the increase of industrial production index by 9.9% in first 7 months of 2015 compared to the same period last year, experts identified that from the trend of the first half year, industrial sector is still driving GDP growth of Vietnam.

As announced by the General Statistics Office, as of first 7 months of 2015, industrial production index increased by 9.9 % compared to the same period in 2014 .

In particular, the mining sector increased by 9.2%, contributing 2 percentage points to the overall increase. The processing and manufacturing increased by 10.1 %, contributing 7 percentage points.

The manufacturing and distribution of electricity rose by 11.5%, contributing 0.8 percentage points. The water utilities, wastewater and waste treatment increased by 7.1%, contributing 0.1 percentage points.

Some sectors with manufacturing index of 7 months rised compared to the same period last year are the production of motor vehicles (by 29.8%), manufacture of electronic products, computers and optics (by 27.7%), manufacture of leather and related products (by 21.8%), textile (by 20%).

Some industries had low growth, such as manufacture of chemicals and chemical products (by 8.1%), food production and processing (by 7.8%).

Industrial manufacture index in July increased by an estimated number of 11.3% over the same period last year.

The mining sector rose by 13.8%, processing industry, manufcation increased by 10.5%, production and distribution of electricity increased by 12%, water supply, waste and wastewater treatment increased by 7.9%.

In the first 7 months this year, some products have higher production index over the same period of previous year, such as automobile increased by 57.8%, mobile phones rose by 56.9%, TV of all types rose by 40.4%, shoes, leather sandals increased by 19%, aquatic food increased by 17.2%, fresh milk increased by 15.7%.

In some localities, industrial production indexes of 7 month are higher than the same period last year, such as Thai Nguyen (by 217.7%), Quang Nam (by 31.2%), Haiphong (by 15.8 %).

Consumption index of entire processing and manufacturing industry rose by 1.7% in June compared to previous month and increased by 15.1% compared to the same period last year.

Generally, in the first 6 months, consumption index rose by 13.1% over the same period of 2014, in which some sectors have higher consumption indexes such as production of electronic products, computer and optical products (by 33.8%), motor vehicle production (by 31.9%), metal production (by 26.3%), textiles (by 11.5%).

Inventory index of entire processing and manufacture industry on the 1st July increased by 10.3 % over the same period last year.

In the opinion of experts from the Central Institute for Economic Management (CIEM ), the trend from the first half of the year shows that industrial sector is still driving GDP growth of Vietnam. Economic growth trend shows good signs but in medium and long term we must pay attention to clearly analyze the factors of increase, to find if it is due to structural changes alone, or an increase of labor productivity. Besides, we need to find out how much the efficiency brought by technology.

Experts also noted that Vietnam should not only strive to achieve high growth rates by number, but we need to take advantage of FDI investments to reach higher quality in industrial growth.


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