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Home / Economy / Industry
Manufacturing, processing sector: key driver for industrial growth
Phuong Thao 10:13, 2018/01/18
The soar in manufacturing and processing has been considered a key driver to boost the growth of the entire industrial sector last year, said Minister of Industry and Trade Tran Tuan Anh.
According to Anh, the nation’s index of industrial production (IIP) last year experienced a significant year-on-year increase of 9.4 per cent, much higher than 7.4 per cent rise seen in the previous year and also surpassed the yearly target of 7.1-8 percent.
 
 
Electronics, computer and optical products reported a surge of 33 percent last year
Electronics, computer and optical products reported a surge of 33 percent last year
The impressive growth was fuelled by the processing and manufacturing industry, which rose by 14.5 per cent year-on-year, the highest level over the past six years, Anh said.
Reports from the General Statistics Office also showed that the IIP could enjoy a stronger growth last year without a remarkable reduction of 7.1 per cent recorded in the mining sector. Meanwhile, two others -- electric production and distribution and water supply and waste treatment – rose 9.4 per cent and 8.7 per cent, respectively.
Several sectors also recorded a surge in IIP, such as electronics, computer and optical products (33 per cent), metal manufacturing (18 per cent), rubber and plastic products (14 per cent) and paper production (10.2 per cent).
Among key industrial products with high IIP increases in 2017 included raw steel and iron (32 per cent), television sets (31 per cent), fabric (12.6 per cent) and urea (10.4 per cent).
However, some products saw lower growth rates, such as animal feed (3.6 per cent) and footwear (1.5 per cent). Some others saw industrial production decline. Crude oil went down by 11 per cent, natural gas by 8 per cent and coal by 1 per cent.
According to the GSO, the consumption index of the processing and manufacturing industry this year rose 13.6 per cent year-on-year as compared to 8.4 per cent growth of 2016 while the inventory index witnessed a moderate yearly increase of 8 per cent as of December 1, compared to the rise from 8 per cent to 10 per cent recorded in the recent four years.
The GSO’s Business Sentiment Survey of manufacturing and processing enterprises released recently also showed that 44.8 per cent of firms reported better business performance in Q4 than Q3 last year.
In addition, 36.5 per cent of businesses said their business situation was stable, and only 18.7 per cent of businesses said it was still difficult.
Forecasting business prospects in the first quarter of 2018, 48.2 per cent of businesses were optimistic that the trend would improve, 35.7 per cent of businesses believed business would be stable and 16.1 per cent of enterprises predicted more difficulties.
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