According to a report released by the General Statistics Office on February 29, 2024, industrial production in February 2024 is estimated to decrease by 18% compared to the previous month due to the Lunar New Year holiday falling entirely in February. Compared to the same period last year, industrial production in February 2024 decreased by 6.8%. In the first two months of 2024, the industrial production index increased by 5.7% compared to the same period last year.
In particular, the mining sector decreased by 3.5% (compared to a decrease of 2.4% in the same period in 2023), contributing to a 0.6 percentage point decrease in the overall growth rate. The processing and manufacturing sector increased by 5.9% (compared to a decrease of 3.1% in the same period in 2023), contributing 5.2 percentage points. The production and distribution of electricity increased by 12.2% (compared to a decrease of 2.6% in the same period in 2023), contributing 1.1 percentage points. The supply of water, management of waste and waste water increased by 2.5% (compared to an increase of 2.9% in the same period in 2023), contributing 0.04 percentage points.
The report noted that in the first two months of 2024, some important second-level industries had an increase in the industrial production index compared to the same period last year, including: chemicals and chemical products increased by 27.7%; coal, refined petroleum products increased by 25.3%; rubber and plastic products increased by 24.3%; furniture increased by 23.4%; pharmaceuticals and medical supplies increased by 23.2%; electrical equipment increased by 22.1%; textiles increased by 17.6%; food processing increased by 5.8%; motor vehicles increased by 0.9%; other non-metallic mineral products increased by 0.6%.
On the other hand, the IIP index of some industries decreased compared to the same period last year: repair, maintenance, and installation of machinery and equipment decreased by 21.8%; crude oil and natural gas extraction decreased by 9.4%; production of beverages decreased by 6.6%; production of electronic products, computers, and optical products decreased by 2.6%; production of other transport equipment decreased by 0.8%.
compared to the same period last year for some key industries.
Source: General Statistics Office.
Regarding the industrial production situation in the first two months of 2024 compared to the same period in 2023 in various localities, the report indicates an increase in 56 localities and a decrease in 7 localities nationwide.
Some localities with a relatively high IIP index due to a high increase in the processing and manufacturing industries include Bac Giang with a 29% increase; Phu Tho with a 27.6% increase; Ha Nam with a 22.2% increase; Thanh Hoa and Quang Ngai both with a 22.1% increase; Binh Phuoc with a 20% increase; Kien Giang with a 19.7% increase; Tay Ninh with a 16.9% increase.
Localities with a high increase in the production and distribution of electricity include Khanh Hoa with a 318.8% increase; Tra Vinh with a 102.3% increase; Thanh Hoa with a 67.5% increase; Bac Giang with a 17.6% increase; Phu Tho with a 15.5% increase.
On the other hand, some localities had a low increase or decrease in the IIP index due to a decrease in the processing and manufacturing industries, such as Lao Cai with a 1.6% increase; Bac Ninh with a 15.5% decrease; Ca Mau with a 10.1% decrease; Quang Tri with an 8.5% decrease.
Localities with a decrease in the production and distribution of electricity in the first two months of 2024 compared to the same period last year include Son La with a 41.5% decrease; Hoa Binh with a 19% decrease; Cao Bang with an 18.2% decrease; Thua Thien – Hue with a 16.4% decrease.
Hanoi City saw a decrease in the IIP index by 10.2% during February. Production in the mining sector decreased by 7.6% and the manufacturing and processing industry decreased by 1.2%. In contrast, the index of electricity production and distribution increased by 5.9%.
In the first two months of 2024, some major industrial products increased compared to the same period last year, including: petroleum increased by 44.7%; compound NPK fertilizer increased by 29%; rolled steel increased by 24.1%; chemical paints increased by 22.4%; pipe diameter increased by 21.1%; woven fabric from natural fiber increased by 20.8%; bars and angles made of steel increased by 18.6%; powdered milk increased by 15.3%; electrical production increased by 12.1%.
On the other hand, some products decreased compared to the same period last year: mobile phone components decreased by 20.8%; natural gas in gaseous form decreased by 16.1%; televisions decreased by 13.7%; beer decreased by 11.5%; automobiles decreased by 9.8%; crude iron and raw steel decreased by 8.6%; mobile phones decreased by 6.7%.
In terms of labor employed in the industrial enterprises as of February 1, 2024, there was an increase of 0.3% compared to the previous month and a decrease of 0.5% compared to the same period last year. Specifically, labor in state-owned enterprises remained unchanged compared to the previous month and decreased by 0.1% compared to the same period last year; labor in non-state-owned enterprises decreased by 0.1% and 2.2%; labor in foreign-invested enterprises increased by 0.5% and 0.4%.
By industry, the number of workers in the mining sector decreased by 0.2% compared to the previous month and increased by 0.9% compared to the same period last year; the manufacturing and processing sector increased by 0.3% and decreased by 0.7%; the production and distribution of electricity, gas, hot water, steam, and air conditioning remained unchanged and increased by 0.5%; the supply of water, waste management and treatment, wastewater increased by 0.1% and 1.8%.
