Industrial Production January 2024: “A Rough Start”

While industrial production in January 2024 continued to decline compared to the previous month, it saw a significant increase compared to the same period last year. This trend is similar to the pattern observed in 2023, where the beginning of the year experienced consecutive declines and growth resumed in the later months...

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According to the data released by the General Statistics Office on the morning of January 29, 2024, the industrial production index (IIP) for January 2024 is estimated to decrease by 4.4% compared to the previous month and increase by 18.3% compared to the same period last year.

In which, the manufacturing and processing sector increased by 19.3% compared to the same period last year, contributing 15.1 percentage points to the overall growth; electricity production and distribution increased by 21.6%, contributing 1.9 percentage points; water supply, wastewater and waste management activities increased by 5.7%, contributing 0.1 percentage points; mining sector increased by 7.3%, contributing 1.2 percentage points.

The report of the General Statistics Office also shows that in January 2024, the production index of some secondary-level key industries increased significantly compared to the same period last year. Specifically, the production of beds, cabinets, tables, and chairs increased by 66.7%; the textile industry increased by 46.2%; the production of electrical equipment increased by 43.3%; the production of metals increased by 39.4%; the production of paper and paper products, chemicals and chemical products all increased by 38.7%; the production of leather and related products increased by 34.7%; the production of non-metallic mineral products and clothing increased by 20.9%; the food processing industry increased by 17.2%; the production of other transport equipment increased by 13.1%; the production of precast metal products (except machinery and equipment) increased by 7.8%; the production of electronic products, computers, and optical products increased by 5.6%; the production of beverages increased by 3.7%…

The growth/decrease rate of the IIP index in January of some key industries between 2020 and 2024 compared to the same period of the previous year. Source: General Statistics Office.

Regarding the production situation in localities across the country in January 2024 compared to the same period last year, the report recorded 60 localities with increased production index and 3 localities with decreased production index.

Some localities with the IIP index of the manufacturing and processing industry in January 2024 compared to the same period last year increased significantly, including: Quang Ninh increased by 157.9%; Bac Giang increased by 57.7%; Nam Dinh increased by 56.9%; Vinh Long increased by 51.2%; Kien Giang increased by 47.7%; Phu Tho increased by 39.4%.

Localities with the index of electricity production and distribution industry increased significantly: Tra Vinh increased by 151.4%; Hai Phong increased by 105.7%; Thanh Hoa increased by 68.3%; Thai Binh increased by 66.0%; Phu Tho increased by 37.5%.

On the contrary, some localities with the IIP index of the manufacturing and processing industry in January 2024 compared to the same period last year had low increase or decrease, including: Quang Tri increased by 8.5%; Thua Thien – Hue increased by 7.9%; Tuyen Quang increased by 6.2%; Thai Nguyen increased by 4.7%; Bac Ninh decreased by 12.6%; Ca Mau decreased by 9.2%; Lao Cai decreased by 2.3%.

Localities with the index of the production and distribution of electricity industry in January 2024 compared to the same period last year had low increase or decrease: Thai Nguyen increased by 3.9%; Thua Thien – Hue increased by 2.1%; Son La decreased by 31.5%; Lao Cai decreased by 8.4%.

Localities with the mining industry in January 2024 compared to the previous year had low increase or decrease: Ba Ria – Vung Tau increased by 0.3%; Thai Nguyen decreased by 15.4%; Ca Mau decreased by 9.3%.

The growth/decrease rate of the IIP index in January 2024 compared to the same period of the previous year of some localities (%). Source: General Statistics Office.

According to the report, some key industrial products in January 2024 increased significantly compared to the same period last year, including: Diameter increased by 66.2%; rolled steel increased by 59.6%; textiles made from natural fibers increased by 57.1%; powdered milk increased by 47.4%; chemical paints increased by 44.7%; mixed NPK fertilizer increased by 40.7%; steel bars and angles increased by 37.5%; cigarettes increased by 34.7%.

On the contrary, some products decreased compared to the same period last year: Phone components decreased by 15.3%; televisions decreased by 11.3%; mobile phones decreased by 3.5%; crude oil extraction decreased by 2.2%.

Regarding the labor situation in industrial enterprises, the report clearly states that as of January 1, 2024, it increased by 0.5% compared to the same period last month and increased by 0.1% compared to the same period last year. Specifically, labor in state-owned enterprises increased by 0.1% and decreased by 0.9%; labor in non-state-owned enterprises increased by 0.1% and decreased by 1.3%; labor in foreign-invested enterprises increased by 0.7% and increased by 0.8%.

By industry, the number of laborers working in the mining industry remained unchanged compared to the same period last month and increased by 0.7% compared to the same period last year; the manufacturing and processing industry increased by 0.5% and increased by 0.1%; the production and distribution of electricity, gas, hot water, steam and air conditioning increased by 0.2% and increased by 0.7%; water supply, waste management and treatment activities increased by 0.1% and increased by 1%.

SOURCEvneconomy
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