Index of industrial production in February of 2023

The index of industrial production (IIP) in February 2023 was estimated to increase by 5.1% over the previous last month[1] and increased by 3.6 % over the same period last year. Of which, the mining and quarrying increased by 7%; the manufacturing increased by 3.3%; electricity production and distribution increased by 2.8%; Water collection, treatment and supply  peaked by 6 %.

Generally, in the first two months of 2023, IIP was estimated to decrease by 6.3% over the same period last year ( in the same period last year up 5.6%) due to the world economy continuing to face many difficulties and unpredictable fluctuations. Inflation in other countries, although cooled down, was still high, orders decreased, and export turnover decreased[2]. Of which, the mining and quarrying decreased by 3.8% (the same period last year up 0.1%), down by 0.6 percentage points in the general growth rate; the manufacturing decreased by 6.9% (the same period last year up 6.1%), reducing by 5.3 percentage points; electricity production and distribution decreased by 5.2% (the same period last year up 8.4%), reducing 0.5 percentage points; Water collection, treatment and supply peaked up by 2.3% (the same period last year up 3.7%), contributing 0.1 percentage points.

The index of production in the first 02 months of 2022 belonging to 2-digit industrial activities significantly decreased compared to the same period last year: Manufacture of electrical (-50.7%); Manufacture of furniture (-13.6%); manufacture of paper and paper products (-13%); Manufacture of basic metals (-12.2%); manufacture of wearing apparel (-11.7%); manufacture of textiles (-11%); manufacture of other transport equipment and manufacture of other non-metallic mineral products (-8.6%); trailers and semi-trailers (-6%); manufacture of leather and related products (-5.3%). Besides, the IIP index of some industries increased over the same period last year: Manufacture of beverages (32.4%); manufacture of coke and refined petroleum products (20%); Repair and installation of machinery and equipment (6.5%); Manufacture of pharmaceuticals, medicinal chemical and botanical products (6.1%); Manufacture of rubber and plastics products (6%); water collection, treatment and supply (4.3%); mining of metal ores (4.2%).

The index of industrial production in the first 02 months of 2023 over the same period last year increased in 44 localities and decreased in 19 localities across the country. Some localities with IIP index achieved a relatively high increase due to manufacturing industries; Electricity, gas, steam and air conditioning supply increased[3]. On the other hand, some localities have low in IIP index due to manufacturing industries; Mining and quarying and Electricity, gas, steam and air conditioning supply decrease[4].

[1] The IIP index in February 2023 compared with the previous month of some localities with high industrial scale was: Binh Duong (23.3%); Tra Vinh (22.6%); Vinh Long (20.4%); Hai Duong (13.7%); Ho Chi Minh City (12.4%); Dong Nai (10.1%); Long An (10%); Ha Noi (9.4%); Ba Ria – Vung Tau (7.2%).

[2] Export turnover in the first two months of 2023 was estimated at 49.44 billion USD, down 10.4% over the same period last year.

[3] Localities with production index of the processing and manufacturing industry in the first two months of 2023 increased compared to the same period last year: Tuyen Quang increased by 26.3%; Hai Phong increased by 14.4%; Hai Duong and Phu Tho increased by 14.3%; Kon Tum increased by 13.4%; Bac Giang increased by 11.9%; An Giang increased by 11.8%; Hau Giang increased by 8.9%. Localities with a high increase in the index of electricity production and distribution: Hau Giang increased by 208.2%; Thai Binh increased by 74.5%; Quang Tri increased by 40.6%.

[4] Localities with low or low growth in the production index of the processing and manufacturing industry in the first two months of 2023 decreased compared to the same period last year: Quang Nam decreased by 38.9%; Ba Ria – Vung Tau down 18.2%; Vinh Long down 15.7%; Soc Trang decreased by 15.5%; Lai Chau down 15.3%; Da Nang decreased by 10.4%; Bac Ninh decreased by 9.1%; Quang Ngai down 8.5%; Ha Giang fell 6%. Localities with a low in the index of electricity production and distribution: Tra Vinh decreased by 33.7%; Ha Giang decreased by 29.8%; Ba Ria – Vung Tau down 25%; Lai Chau down 15.5%; Da Nang down 11%; Quang Ngai decreased by 10.3%. Localities with mining industry decreased: Ha Giang decreased by 26.9%; Ba Ria – Vung Tau down 11.6%.