Vietnam's Industrial Production Up 8.6 Percent in 11 Months

The processing and manufacturing sector, the main driver behind the increase, went up by 8.9 percent. The electricity production and distribution sector expanded by 7.7 percent, and the water supply and waste management sector increased by 7.1 percent, according to the country's General Statistics Office.

In November alone, the industrial production index rose 0.3 percent against October and 5.3 percent year on year.

The industrial production growth of Vietnam slowed down due to decreasing demand, rising input costs and a shortage of material supply, the office said.

In the 11-month period, the production of beer witnessed the largest output increase year on year of 34.9 percent, followed by processed seafood and automobiles, both up 17.3 percent, and phone accessories, up 16.9 percent.

In the same period, the total number of employees in the industrial sector increased by 5.9 percent year on year, said the office.

Also, approximately 137,800 enterprises were estimated to be formed in Vietnam in the first 11 months of this year, posting an increase of 30.4 percent year on year, according to the report.

Registered capital of the new enterprises rose 2 percent on year to roughly 1,483.7 trillion Vietnamese dong (62.7 billion US dollars), said the office.

Compared to the same period last year, the formation of new firms rose 19.6 percent in the industry and construction sector, 35.2 percent in the services sector, and increased 0.3 percent in the agriculture, forestry and fishery sector.

Between January and November, over 56,900 firms which previously ceased operations resumed their activities, surging 40.5 percent on year. However, in the same period, around 12,000 firms were estimated to withdraw from the market each month, according to the office.

Last year, Vietnam saw 116,800 enterprises established with total registered capital of over 1,611 trillion Vietnamese dong (68 billion dollars), down 13.4 percent in quantity and 27.9 percent in capital against 2020.

Meantime, Vietnam’s General Statistics Office  announced that the country earned approximately 55.4 billion US dollars from exporting phones and components in the first 11 months of this year.

The number accounts for 16.2 percent of the country's total export revenue over the period and posted a year-on-year rise of 6.6 percent.

With that revenue, phones and components continued to be Vietnam's largest export items, followed by computers and electronic components, as well as garments and textiles.

Between January and November, Vietnam also spent nearly 19.8 billion dollars importing phones and components, up 3 percent year on year.

In 2021, the country earned more than 57.5 billion dollars from exporting phones and components, mainly to China, the United States and South Korea, up 12.4 percent from the previous year, according to the office.

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