Industrial production increases by 8.6% in 8 months

The processing and manufacturing industry rose by 9.7%, electricity production and distribution soared 11.6%, while water supply, waste and wastewater management and treatment activities were up 7.8%. Meanwhile, the mining sector was down 6%.

In August alone, the IIP increased by 2% from July and 9.5% year-on-year, the GSO stated.

The number of workers in industrial enterprises as of Aug. 11 increased by 0.9% month-on-month and by 4.5% year-on-year.

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) was 52.4 in August, down from 54.7 in July, signaling a solid improvement in business conditions midway through the third quarter.

Strong growth in new orders and softer cost pressures led manufacturers to increase purchasing activity in August for the fourth consecutive month. The rate of growth in purchasing activity also accelerated to the fastest rate since May 2022.

Manufacturers remained optimistic that output will increase over the upcoming year based on expectations of further improvements in customer demand and new orders.