Industrial production increases in April

However, the office also reported that IIP in the first four months of 2023 decreased by 1.8% year on year. The IIP growth in the first four months of 2022 was 7.8%.

Among the sectors, the water supply, waste-water treatment and management activities recorded the highest IIP increase of 5.5% in the first four months. The electricity generation and distribution sector followed with 0.5%.

However, the mining industry and the processing and manufacturing saw a decline of 2.8% and 2.1% in IIP, respectively.

The world economy's slow recovery and tightened monetary policy in many countries has made the consumption demand of major trading partners decline, leading to a decrease in goods orders and export turnover.

Those factors affected the growth of industrial production in the first four months of 2023, according to the Ministry of Industry and Trade (MoIT).

According to experts, Vietnam should give priority to the development of domestic manufacturing industries, especially the mechanical industry.