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Industrial Production Recovers in November (13/12)
13/12/2011 - 7 Lượt xem
Substantial recovery
According to statistics by the Ministry of Industry and Trade (MOIT), in November, domestic industrial production increased 5.3 percent compared to the previous month and 8.1 percent compared to the same month last year.
Concretely, the mining industry grew 2.2 percent; the processing and manufacturing industries 10.6 percent; and the water, electricity and gas production and distribution industries 9.3 percent.
However, the slowdown in the domestic industrial production in October 2011 caused a major setback to the eleven-month industrial production growth of merely 6.9 percent over the same period last year. The eleven-month growth dropped by 0.1 percentage point again the ten-month growth.
Specifically, the mining industry decreased 2.2 percent; the processing and manufacturing industries increased 9.8 percent in combination; and the water, electricity and gas production and distribution industries increased 9.6 percent in combination.
Industrial production recovered substantially in November and all industrial enterprises had to accelerate to achieve the goals for the year.
Most industries increased again in November. For example, power production increased 10 percent; clean coal 2.3 percent, polypropylene 2.5 times, steel billet 14 percent, electrical motors 69.3 percent, diesel motors 35.9 percent, power transformers 26.6 percent, apatite ore 9.5 percent, and cement 7.6 percent.
After a series of domestic consumer stimulus programs, Vietnamese products have received attention from domestic consumers and step by step substituted for imported products. Industrial processing and manufacturing increased 10.6 percent between October and November. Particularly, washing machine production grew 40.3 percent, televisions 14.7 percent, motorbikes 20.8 percent, and synthetic fiber fabric 21.6 percent.
Industrial production growth in November helped boost export of several items under signed contracts. Earning from processed exports in November alone hit nearly US$51.9 billion, a 32.8 percent increase compared to the previous month, accounting for 59.5 percent of the country's total export revenue. Apart from the processing industry, the textile and footwear industries that have targeted US$13.5 billion and US$6 billion in export revenues in 2011 also kept the pace of growth in November.
"While the national economy looked rather gloomy, the industrial production results in eleven months of 2011 light it up, helped boost domestic consumption and export. It is expected that the total export revenue will hit US$100 billion this year," said Minister of Industry and Trade Vu Huy Hoang at the briefing in November.
Accelerating to achieve the goals
Despite substantial recovery in November, industrial production still faces difficulties. Although most industries grew, a number of industrial products shank. For example, automobile production decreased 4 percent; air-conditioner decreased 22.5 percent; and refrigerators decreased 18.9 percent largely because consumers decided to curtail expenses.
According to experts, industrial production would increase in the last quarter of the year to meet the increased demand during the Lunar New Year festival which is about a month later. For this reason, industrial production would reach the goal for growth of 13.1 percent by the end of the year.
The domestic economy will still face difficulties in 2012 as production of some industrial items will probably slow down. The textile export market would probably reduce in 2012.
With that in mind, the Ministry of Industry and Trade has asked relevant authorities to create conditions favorable for industrial businesses to boost production and services and especially to save energy./.
Source: VEN.
