According to the General Statistics Office’s report released on the morning of January 6, 2025, the industrial production index (IIP) for the fourth quarter of 2024 increased by 7.9% compared to the same period last year. For the full year 2024, the industrial production index is estimated to have increased by 8.4% year-on-year (up from a 1.3% increase in 2023).
The manufacturing sector led the growth with a 9.6% increase (compared to a 1.5% increase in 2023), contributing 8.4 percentage points to the overall growth. The electricity production and distribution sector followed with a 9.5% increase, contributing 0.8 percentage points, while the water supply, waste management, and wastewater treatment sector grew by 10.7%, adding 0.2 percentage points. However, the mining sector contracted by 6.5%, subtracting 1.0 percentage points from the overall growth.
In 2024, several key secondary industries witnessed significant growth compared to 2023. These included the production of rubber and plastic products, which increased by 24.9%; furniture manufacturing, up by 23.8%; motor vehicle production, rising by 21.1%; leather and related product manufacturing, increasing by 13.7%; and coke and refined petroleum product manufacturing, up by 12.6%. Other industries with notable growth rates included textile manufacturing (12.1%), chemical and chemical product manufacturing, and electrical equipment manufacturing (both at 11.9%). Electronic, computer, and optical product manufacturing increased by 8.3%, while food processing rose by 7.4%.
On the other hand, some industries recorded low growth or declines. Beverage production increased by only 1.4%, and the production of other non-metallic mineral products rose by just 0.9%. Crude oil and natural gas extraction contracted by 10.9%, while hard and brown coal mining decreased by 5.5%. Repair, maintenance, and installation of machinery and equipment also saw a decline of 5.1%.
The industrial production index in 2024 increased in 60 localities and decreased in three localities nationwide. Some localities recorded high growth rates due to substantial increases in the manufacturing and electricity production and distribution sectors.
Specifically, localities with high growth rates in the manufacturing sector in 2024 compared to the previous year included Phu Tho (up by 44.7%), Lai Chau (35.8%), Bac Giang (28.2%), Thanh Hoa (19.6%), Tra Vinh (7.5%), and Dien Bien (5.7%). Locales with significant increases in the electricity production and distribution sector were Khanh Hoa (135.7%), Tra Vinh (50.2%), Dien Bien (49.5%), Cao Bang (47.7%), Son La (32.3%), Lai Chau (32.0%), and Thanh Hoa (15.6%).
In contrast, some localities recorded low growth or declines in the manufacturing sector in 2024 compared to the previous year. These included Quang Tri (up by 4.7%), Dak Nong (3.2%), Gia Lai (2.1%), Ha Tinh (a decline of 5.4%), and Quang Ngai (a decrease of 1.9%).
Locales with low growth or declines in the electricity production and distribution sector in 2024 compared to the previous year were Bac Lieu (up by 2.7%), Lam Dong (a decline of 3.5%), Quang Ngai and Gia Lai (both down by 6.0%), and Lang Son (a decrease of 14.0%).
The report from the General Statistics Office also noted significant increases in the production of key industrial products in 2024 compared to the previous year. Automobile production rose by 27.0%, steel bars and angles increased by 18.7%, and television sets grew by 18.6%. Natural fiber fabrics and circular yarn both increased by 16.7%, while gasoline output rose by 14.0%. Rolled steel saw a 13.8% increase, NPK compound fertilizer was up by 11.0%, and milk powder production increased by 10.9%.
Conversely, some products witnessed declines compared to the previous year. Natural gas in gaseous form decreased by 15.4%, liquefied petroleum gas (LPG) fell by 12.5%, crude oil extraction dropped by 5.8%, clean coal declined by 5.6%, mobile phones decreased by 4.2%, and beer production was down by 1.0%.
The consumption index of the processing and manufacturing industry in December 2024 decreased by 5.1% compared to the previous month but increased by 0.8% over the same period last year. For the whole of 2024, the consumption index of the processing and manufacturing industry increased by 11.3% compared to 2023 (up from a 1.6% increase in the previous year).
The inventory index of the processing and manufacturing industry as of December 31, 2024, is estimated to have increased by 10.0% compared to the previous month and by 10.6% over the same period. The average inventory rate of the processing and manufacturing industry in 2024 was 77.1%, down from 88.0% in 2023.
According to the report from the General Statistics Office, the number of employees working in industrial enterprises as of December 1, 2024, increased by 0.8% compared to the previous month and by 3.2% over the same period last year. Specifically, the number of employees in state-owned enterprises increased by 0.1% and 0.3%, in non-state enterprises by 0.7% and 1.9%, and in foreign-invested enterprises by 0.9% and 3.7%, respectively.
By industry, the number of employees in the mining sector increased by 0.1% compared to the previous month and decreased by 0.4% over the same period last year. The manufacturing sector saw a 0.8% and 3.4% increase, respectively, while the electricity production and distribution, gas, hot water, steam, and air conditioning sector rose by 0.1% and 0.8%. The water supply, waste treatment, and wastewater management sector witnessed a 0.3% and 1.1% increase in employee numbers.
Retail Goods and Consumer Services Revenue to Rise 9% in 2024, Meeting Government Targets
With a host of strategies to boost the domestic market and stimulate consumption in the final months, there has been a significant impact on the growth of the service industry in 2024.
“Enhancing Railway Connectivity: Unlocking Opportunities for Vietnam’s Ancillary Businesses.”
Representing businesses and government agencies, stakeholders believe that enhancing railway connectivity between major cities in northern Vietnam and China will spur growth for enterprises and the Vietnamese economy.
Surpassing Set Targets, 2024 GDP Rises by 7.09%
Surpassing the complex and unpredictable global challenges, the GDP growth for 2024 reached 7.09%, exceeding the target set by the National Assembly.
Pursuing Prosecution of the Former Deputy Minister of Industry and Trade
The Ministry of Public Security’s Security Investigation Agency has revealed that Hoang Quoc Vuong and his accomplices abused their positions, resulting in losses of over 1,000 billion VND. This shocking revelation highlights the severe consequences of their actions, which have caused significant financial damage.
Unveiling the Demand for Nuclear Power Talent: A Thousand-Strong Workforce Needed
Deploying the two nuclear power plant projects, Ninh Thuan 1 and Ninh Thuan 2, will require a substantial workforce of 2,400 skilled individuals.
