HÀ NỘI — Việt Nam's industrial sector marked a remarkable growth in 2024 with the industrial production index (IIP) surging by 8.4 per cent year-on-year, a record high over the past four years, the General Statistics Office (GSO) has said.According to the GSO, the figure exceeded the annual target of 7-8 per cent.Head of the GSO's Industry and Construction Statistics Department, Phí Thị Hương Nga, said 2024 was a year of fluctuations, with many unfavourable factors both at home and abroad.The global economy was recovering slowly, trade competition was fierce and geopolitical conflicts were escalating, all of which created significant challenges for Việt Nam.Domestically, although Việt Nam prioritised stabilising the macro-economy, controlling inflation and maintaining growth, the country still had to face difficulties such as the impact of natural disasters.However, overcoming those difficulties, the nation experienced impressive industrial production growth in 2024, with the highest growth rate in the past four years, Nga told Vietnamplus.She attributed last year's encouraging result to the flexible and effective management of the Government. Last year, many policies were issued by the State to remove difficulties for businesses, especially tax policies.For example, Decree 109 reducing 50 per cent of registration tax for domestically produced and assembled cars created a big drive in demand, helping the motor vehicle manufacturing industry grow strongly. Accordingly, the production index of this industry surged by 44 per cent year-on-year in the fourth quarter and 21 per cent year-on-year in 2024.At the same time, significant efforts from local authorities to reform administrative procedures, improve infrastructure and promote investment encouraged businesses to invest and develop production, Nga said.She added that effective investment and trade promotion campaigns contributed to the growth.In 2024, the manufacturing and processing industry saw the highest IIP growth at 9.6 per cent, compared to 1.5 per cent in 2023. It was followed by the water supply sector at 10.7 per cent and the electricity production and distribution sector at 9.5 per cent. In contrast, the mining sector posted a decline of 6.5 per cent.Several key industries also recorded impressive growth rates compared to 2023. Rubber and plastic products rose by 25 per cent, furniture production (24 per cent), automotive production (21 per cent), leather and leather-made goods (14 per cent), coke and refined petroleum products (13 per cent) and textiles (12 per cent).Conversely, some others posted an IIP decline such as crude oil and natural gas exploitation at 11 per cent, coal at 6 per cent, maintenance and installation of machinery and equipment with 5 per cent and beverage production at 1.5 per cent. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News