Industrial production faced numerous difficulties in the first half (H1) of 2023 due to a decrease in orders, low consumer demand, and increased input costs, according to a General Statistics Office of Vietnam report. The added value of industrial production in the second quarter of 2023 was estimated to grow by 1.56 percent year-on-year. In the first half of 2023, the added value of industrial sector grew by 0.44 percent compared with the same period last year, with that of the processing sector and manufacturing industries up 0.37 percent, contributing 0.10 percentage point to the added value of the entire economy; the added value of the power production and distribution sector increased by 1.79 percent, contributing 0.07 percentage point. Meanwhile, the H1 production index of major secondary industries increased considerably compared with the first half of 2022. Specifically, coal and refined petroleum production was up 13.2 percent; metal ore exploitation up 11.5 percent; and; rubber and plastic product manufacturing up 7.2 percent; and beverage production up 5.7 percent.Forty-eight localities recorded increased industrial production indexes in the first half of 2023, while 15 faced a decline. The processing and manufacturing industries as well as the power production and distribution sectors contributed siginificantly to the increased industrial production value of some localities.  (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam Economic News