BVSC projects that the industrial production index will increase in the third quarter.

DNHN - BVSC projects that the industrial production index will increase in the third quarter.

According to data from the General Statistics Office, IIP increased in August, with a 2.9% increase over the previous month and a 2.5% increase over the same period last year. This is an encouraging sign for the recovery of the industry after a difficult period.

However, if we examine an overview of the first eight months of 2023, we can see that IIP is projected to decrease by 0.4% compared to the same period last year, whereas this index increased by 9.2% during the same period in 2022. This demonstrates that the industry faces numerous obstacles as it recovers from the pandemic.

The detailed numbers illustrate the volatility of various industries. In comparison to the same period in 2022, the processing and manufacturing sector decreased by 0.6%. In the same period in 2022, it increased by 10.2%. Nevertheless, the electricity generation and distribution sector increased by 1.7%, contributing positively to the overall index.

Comparing the first eight months of 2023 to the same period the previous year, the IIP index increased in 49 locales and decreased in 14 locales nationwide.

According to the projections of Bao Viet Securities (BVSC), the index of industrial production could experience positive growth in the third quarter of 2023, thereby boosting GDP growth during this period. According to BVSC, the industry could contribute approximately 1% to GDP growth this quarter.

In addition, BVSC reported that several industries, including textiles, yarn production, metals, iron and steel, and furniture manufacturing, have resumed robust growth. This is an encouraging sign for the subsequent recovery of these industries.

P.V (t/h)