In the first 4 months of the year, the index of industrial production decreased by 1.8% over the same period last year

DNHN - The General Statistics Office estimates that in the first four months of 2023, the index of industrial production (IIP) will decrease by 1.8% compared to the same period in 2022 (when it increased by 7.2%).

According to the report on the index of industrial production (IIP) published by the General Statistics Office in April, the IIP was estimated to have increased by 3.6% month-over-month and 0.5% year-over-year. However, in the first four months of 2023, IIP decreased by 1.8% when compared to the same period in 2022, when it increased by 7%.

The mining industry decreased by 2.8%, reducing the overall increase by 0.5 percentage points; processing and manufacturing decreased by 2.1%, reducing the overall increase by 1.5 percentage points; electricity production and distribution increased by 0.5%, contributing 0.1 percentage points; and water supply, waste and wastewater management and treatment activities increased by 5.5%, contributing 0.1 percentage points.

Concerning the aforementioned data, the General Statistics Office explained that the slow recovery of the global economy and the tightening of monetary policy in many nations, which decreased the consumption demand of trading partners, were to blame. Significant, resulting in a decline in production orders and export turnover. Concerningly, the country's leading industrial production centers continue to experience a decline.

Comparing the first four months of 2023 to the same period last year, the industrial production index increased in 52 locales and decreased in 11 locales across the nation. In some regions, the processing and manufacturing industries contributed to a relatively high increase in the industrial production index; the electricity production and distribution industry also increased. Some localities, however, had a low or declining industrial production index as a result of the processing and manufacturing industries; the mining industry and electricity production and distribution increased or decreased.

Notable among these are Quang Nam (-33.4%), Bac Ninh (-18.6%), Vinh Long (-16.1%), and Soc Trang (-15.1%)... Ms. Ria - Vung Tau, Quang Ngai, Vinh Phuc are also on this list.

In related news, Mr. Nguyen Ngoc Thanh, Deputy Director of the Department of Industry at the Ministry of Industry and Trade, stated that state management agencies have been and will continue to propose solutions to remove obstacles for industrial manufacturing companies. Karma. Particularly, it is proposed to continue extending the deadline for paying excise tax and to offer incentives on registration fees for domestically manufactured and assembled automobiles to increase purchasing power restore the auto market, and maintain and promote domestic automobile production and assembly activities.

The representative of the Ministry of Industry and Trade emphasized the importance of public investment projects in the consumption of steel and construction materials, stating, "Right now, public investment projects are the most important factor. If disbursed and implemented, the steel industry's inventory will be reduced. Public investments in large projects in the fields of infrastructure, transport, and energy to create markets for a variety of commodities such as steel, construction materials, means of transport, construction mechanics, and manufacturing... are crucial.

PV