Industrial production index falls to eight-year record low
VietReader 7-09-2020, 13:45
Industrial production index falls to eight-year record low

The GSO have stated that as a result of the coronavirus resurgence in late July, the industrial production index in August increased by only 3.5% in comparison from the previous month, by decreased by 0.6% from a year ago.

Throughout the reviewed period, the processing-manufacturing sector recorded growth of only 3.7%, electricity production and distribution grew by 2%, water supply, waste, and wastewater management and treatment rose by 2.9%, while the mining industry suffered a decline of 7%.

The recovery in industrial production has been significantly affected by the complicated nature of the COVID-19 pandemic globally, therefore leading to a disruption occurring in the supply chain of raw materials, along with the resurgence of COVID-19 in some localities across the country from late July.

A number of key industrial products endured a downward trend, with beer, crude oil exploitation, automobile, and liquefied gas all recording sharp decreases of 14.8%, 14%, 12.5%, and 12.1%, respectively.

Moreover, some major industrial products still recorded fair growth, with television, petrol and oil, and steel recording surges of 14.9%, 12.6%, and 12%, respectively.

Despite a decline in some key industrial products, the number of employees working at industrial firms by August 1 increased by 1.2% from the previous month, but declined by 2.9% compared to the same period last year. Notably, the number of employees at State-owned enterprises, non-State enterprises, and foreign-invested firms decreased by 1.7%, 3.5%, and 2.8%, respectively.