The Industrial Production Index (IPI) for May 2024 is estimated to have increased by 1.1% from the previous month and 6.2% from the same period last year. This includes: Mining and quarrying increased by 6.2% month-on-month and 57.3% year-on-year; manufacturing increased by 1.0% and 5.6%, respectively; electricity production and distribution rose by 0.2% and 8.5%; while water supply and waste treatment climbed by 0.5% and 9.2%.
Ho Chi Minh City’s industrial production has shown significant recovery in the first five months of 2024
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For the first five months of 2024, the IPI for the city rose by 5.3% year-on-year. This includes: Mining and quarrying increased by 42.7%; manufacturing by 4.9%; electricity production and distribution by 11.2%; and water supply and waste treatment by 1.1%.
Looking at specific industries, 19 out of 30 secondary industries witnessed an increase in their industrial production index during this period. Notable performers include: Rubber and plastic product manufacturing, up 27.9%; fabricated metal product manufacturing, up 20.6%; chemical and chemical product manufacturing, up 17.7%; non-metallic mineral product manufacturing, up 13.9%; and wood and wood product manufacturing, up 12.1%. On the other hand, some industries experienced significant declines, such as motor vehicle manufacturing, down 48.9%, and other transport equipment manufacturing, down 17.7%.
The four key industries showed a collective increase of 4.5% in their IPI for the first five months of 2024 compared to the same period last year. This includes an 18.9% rise in the chemical-pharmaceutical industry, a 1.2% increase in the mechanical industry, a 0.8% rise in food processing, and an 8.7% drop in electronics manufacturing.
The three traditional industries, however, saw a collective decrease of 3.3% in their IPI. While apparel manufacturing rose by 0.3%, leather and related product manufacturing fell by 7.8%, and the textile industry contracted by 2.8%.
Some key industrial products witnessed substantial growth during this period, including plastic packaging, up 29.3%; notebooks, paper, and paper products, up 24.7%; detergents, up 13.0%; and cement, up 12.4%. Conversely, some products experienced significant declines, such as mineral or chemical fertilizers, down 13.4%; sports footwear, down 10.8%; and condensed milk, down 10.7%.
The consumption index for the processing and manufacturing industries in May 2024 is estimated to have increased by 1.3% from the previous month and 8.6% from the same period last year. For the first five months of 2024, the consumption index for the processing and manufacturing industries rose by 7.8% year-on-year, with 11 out of 23 secondary processing and manufacturing industries experiencing an increase in their consumption index, while 12 industries saw a decrease.
Notable performers include: Rubber and plastic product manufacturing, up 42.4%; wood and wood product manufacturing, up 24.9%; chemical and chemical product manufacturing, up 21.5%; non-metallic mineral product manufacturing, up 15.1%; and fabricated metal product manufacturing, up 13.8%.
The inventory index for the processing and manufacturing industries in May 2024 is estimated to have increased by 2.0% from the previous month but decreased by 17.2% from the same period last year. Some industries with high inventory levels compared to the previous year include: Beverage manufacturing, up 77.7%; machinery manufacturing, up 63.4%; fabricated metal product manufacturing, up 44.8%; non-metallic mineral product manufacturing, up 35.6%; paper and paper product manufacturing, up 26.5%; and electrical equipment manufacturing, up 20.9%.
On the other hand, some industries witnessed significant inventory declines, such as chemical and chemical product manufacturing, down 75.1%; metal manufacturing, down 46.9%; and furniture manufacturing, down 21.0%.
The labor index for the industrial sector in May 2024 rose by 0.8% from the previous month but fell by 4.4% from the same period last year. For the first five months of 2024, the labor index decreased by 5.7% year-on-year. Some industries with high labor indices include: Sewage and wastewater treatment, up 85.2%; other manufacturing industries, up 29.9%; chemical and chemical product manufacturing, up 28.6%; and wood and wood product manufacturing, up 20.8%.
In contrast, some industries experienced significant labor index declines, such as other transport equipment manufacturing, down 34.1%; non-metallic mineral product manufacturing, down 29.0%; metal manufacturing, down 22.6%; and leather and related product manufacturing, down 18.7%.
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