Industrial Production Index in November 2024

The index of industrial production in November increased by 2.3% compared to the previous month and increased by 8.9% over the same period last year. Generally, in the first eleven months of 2024, the production index of the whole industry is estimated to increase by 8.4% over the same period last year[1].

The index of total industrial production (IIP) in November was estimated to increase by 2.3% from the previous month[1] and by 8.9% from the same period last year. In which, compared to the same period last year, the processing and manufacturing industry increased by 11.2%; the electricity production and distribution industry increased by 5.5%; water supply, waste and wastewater management and treatment activities increased by 6.7%; the mining industry alone decreased by 9.8%.

Generally, in the first eleven months of 2024, IIP is estimated to increase by 8.4% over the same period last year (the same period in 2023 increased by 0.9%). In which, the processing and manufacturing industry increased by 9.7% (the same period in 2023 increased by 1.0%), contributing 8.5 percentage points to the overall increase; the electricity production and distribution industry increased by 10.2%, contributing 0.9 percentage points; the water supply industry, waste and wastewater management and treatment activities increased by 9.6%, contributing 0.2 percentage points; the mining industry decreased by 7.3%, reducing 1.2 percentage points in the overall increase.

The industrial production index in the first eleven months of 2024 of a number of key industries at level II increased significantly compared to the same period last year: Production of rubber and plastic products increased by 25.6%; production of beds, cabinets, tables and chairs increased by 24.7%; production of motor vehicles increased by 18.3%; production of coke and refined petroleum products increased by 14.5%; production of chemicals and chemical products increased by 13.4%; production of leather and related products increased by 12.6%; textiles increased by 12.1%; production of prefabricated metal products (except machinery and equipment) increased by 11.9%; production of electronic products, computers and optical products increased by 8.7%; food processing production increased by 7.7%. In the opposite direction, the IIP index of some industries increased low or decreased: Crude oil and natural gas exploitation decreased by 12.2%; hard coal and lignite mining decreased by 5.3%; production of other non-metallic mineral products increased by 0.6%; beverage production increased by 0.8%; production of other means of transport increased by 2.7%.

The industrial production index in the first eleven months of 2024 compared to the same period last year increased in 60 localities and decreased in 3 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, the mining industry increased[1]. In the opposite direction, some localities have a decrease in the IIP index due to a decrease in the processing and manufacturing industry and the electricity production and distribution industry[2].

[1] Localities have a high production index of the processing and manufacturing industry in the first eleven months of 2024 compared to the same period last year: Phu Tho increased by 42.1%; Lai Chau increased by 39.9%; Bac Giang increased by 28.3%; Quang Nam increased by 20.7%; Thanh Hoa increased by 19.3%. Localities have a high production index of the electricity production and distribution industry: Khanh Hoa increased by 148.5%; Dien Bien increased by 51.4%; Cao Bang increased by 49.8%; Tra Vinh increased by 46.5%; Lai Chau increased by 39.6%; Son La increased by 36.4%. Localities with a high increase in the production index of the declared industry: Cao Bang increased by 27.0%; Thanh Hoa increased by 13.6%; Quang Nam increased by 11.2%.

[2] Localities with a low/decreasing production index of the processing and manufacturing industry in the first eleven months of 2024 compared to the same period last year are: Dak Nong increased by 3.1%; Quang Tri increased by 3.0%; Ha Tinh decreased by 4.8%; Gia Lai decreased by 1.1%; Quang Ngai decreased by 0.9%. Localities with low increase/decrease in the index of the electricity production and distribution industry: Quang Tri increased by 3.0%; Bac Lieu increased by 2.2%; Lang Son decreased by 14.8%; Quang Ngai decreased by 5.8%; Gia Lai decreased by 4.8%; Lam Dong decreased by 3.9%.

[1] The rate of increase/decrease in the IIP index in November 2024 compared to the previous month of some localities with large industrial scale is: Quang Ninh increased by 9.5%; Binh Duong increased by 7.6%; Bac Ninh increased by 5.6%; Vinh Long increased by 3.6%; Hai Duong increased by 3.3%; Can Tho increased by 3.1%; Hai Phong increased by 3.0%; Bac Giang increased by 2.1%; Quang Ngai increased by 1.8%; Ho Chi Minh City increased by 1.7%; Dong Nai increased by 1.1%; Da Nang decreased by 1.8%; Quang Nam decreased by 2.4%; Ba Ria – Vung Tau decreased by 7.8%.

[1] The growth rate of the industrial production index in the eleven months of 2020-2024 compared to the same period last year was: 3.0%; 4,2%; 8,4%; 0.9% and 8.4%.