Index of industrial production in July of 2024

Industrial production maintained a positive growth momentum, it is estimated that the industrial production index in July increased by 0.7% compared to the previous month and increased by 11.2% over the same period last year. Generally, in the first seven months of 2024, the production index of the whole industry is estimated to increase by 8.5% over the same period last year[1].

The index of industrial production (IIP) in July 2024 is estimated to increase by 0.7% compared to the previous month and increase by 11.2% over the same period last year. In which, compared to the same period last year, the processing and manufacturing industry increased by 13.3%; the electricity production and distribution industry increased by 9.9%; water supply, waste and wastewater management and treatment activities increased by 12.1%; the mining industry alone decreased by 7.0%.

Generally, in the first seven months of 2024, IIP is estimated to increase by 8.5% over the same period last year (the same period in 2023 decreased by 0.8%). In which, manufacturing industry increased by 9.5% (the same period in 2023 decreased by 1.2%), contributing 8.2 percentage points to the overall increase; electricity, gas, steam and air conditioning supply increased by 12.4% (the same period in 2023 increased by 1.4%), contributing 1.1 percentage points; water supply; sewerage, waste management and remediation activitiesincreased by 7.2% (the same period in 2023 increased by 5.2%), contributing 0.1 percentage points; mining and quarying alone decreased by 6.2% (the same period in 2023 decreased by 2.0%), reducing by 0.9 percentage points.

The production index in the first seven months of 2024 of a number of key industries at level II increased sharply compared to the same period last year: Manufacture of rubber and plastics products increased by 28.7; manufacture of furniture increased by 21.5%; manufacture of chemicals and chemical products increased by 17.3%; mining of metal ores increased by 15.0%; manufacture of fabricated metal products, except machinery and equipment increased by 13.0%; manufacture of basic metalsincreased by 12.8%; manufacture of electrical equipment increased by 12.5%; manufacture of textiles and electricity, gas, steam, air conditioning supply both increased by 12.4%; manufacture of computer, electronic and optical products increased by 11.1%; manufacture of food products increased by 7.4%. In the opposite direction, the IIP index of some industries decreased: Extraction of crude petroleum and natural gas decreased by 12.4%; repair and installation of machinery and equipment decreased by 2.9%; manufacture of other non-metallic mineral products decreased by 1.8%; mining of coal and lignite decreased by 1.3%.

The industrial production index in the first seven months of 2024 compared to the same period last year increased in 60 localities and decreased in 03 localities across the country. Some localities have a fairly high increase in the IIP index due to the processing and manufacturing industry; the electricity production and distribution industry has increased[1]. In the opposite direction, some localities have a decrease in IIP index due to the processing and manufacturing industry; mining industry and electricity production and distribution industry increased low or decreased[2].

[1] Localities with a high production index of the processing and manufacturing industry in the first seven months of 2024 compared to the same period last year are: Lai Chau increased by 43.1%; Phu Tho increased by 38.4%; Bac Giang increased by 27.5%; Binh Phuoc increased by 17.1%; Thanh Hoa increased by 15.1%; Dien Bien increased by 8.8%. Localities with high indicators of electricity production and distribution: Khanh Hoa increased by 258.5%; Lai Chau increased by 66.4%; Cao Bang increased by 62.1%; Dien Bien increased by 51.8%; Son La increased by 35.2%; Thanh Hoa increased by 33.0%; Phu Tho increased by 15.3%.

[2] Localities with a low or decreased production index of the processing and manufacturing industry in the first seven months of 2024 compared to the same period last year are: Ca Mau increased by 1.5%; Gia Lai increased by 0.3%; Ha Tinh decreased by 8.0%; Quang Ngai decreased by 4.2%. Localities have low or decreased indicators of the electricity production and distribution industry in the first seven months of 2024 compared to the same period last year: Quang Tri increased by 1.7%; Quang Ngai decreased by 16.9%; Thua Thien – Hue decreased by 16.1%; Lang Son decreased by 15.5%; Lam Dong decreased by 5.6%; Gia Lai decreased by 3.6%. Localities with a decrease in the mining industry production index: Ba Ria – Vung Tau decreased by 14.3%; Lam Dong decreased by 8.6%; Quang Tri decreased by 4.7%; Lang Son decreased by 3.0%; Thua Thien – Hue decreased by 1.6%.