Following the recovery momentum from the end of 2023 and the early months of 2024, industrial production continues to show signs of improvement and has made a positive contribution to the overall economic growth. The added value of the entire industrial sector in the first six months of 2024 is estimated to increase by 7.54% compared to the same period last year, in which the manufacturing and processing industry increased by 8.67%, contributing 2.14 percentage points to the total added value of the entire economy.
Overall, in the first six months of 2024, the industrial production index increased by 7.7% compared to the same period last year, in which the manufacturing and processing industry is estimated to increase by 8.5%.
Industrial production grew broadly with 56 out of 63 localities having an increased industrial production index compared to the same period last year, with only 7 localities having a decreased industrial production index (IIP) compared to the same period last year. Among them, 25 localities had high growth rates in double digits such as Khanh Hoa increasing by 46.4%; Bac Giang increasing by 26.5%; Hai Phong increasing by 15.2%; Quang Ninh increasing by 13.3%... Conversely, some localities had a decreased IIP due to: (i) the manufacturing and processing industry increasing at a low rate or decreasing compared to the same period last year such as Quang Ngai decreasing by 7.5%; Ha Tinh decreasing by 10.2%; Ca Mau decreasing by 0.04%).
The production index in the first six months of 2024 for some key level II industries increased significantly compared to the same period last year, in which the production of electronic products, computers, and optical products increased by 8.6%.
Some major industrial products in the first six months of 2024 increased significantly compared to the same period last year: steel bars and angles increased by 34.5%; fabric woven from natural fibers increased by 18.4%...
Overall, in the first six months of 2024, the consumption index of the entire manufacturing and processing industry increased by 10.8% compared to the same period in 2023 (the same period last year decreased by 2.2%).
Thus, in the first six months of 2024, the consumption index of the entire manufacturing and processing industry was much higher compared to the same period last year, while the inventory index decreased, which are positive signals indicating the recovery of industrial production. At the same time, the number of workers employed in industrial enterprises as of June 1, 2024, increased by 1.1% compared to the same time last month and increased by 3.8% compared to the same time last year, indicating an increase in new orders, and production enterprises have a need to increase production and the number of workers.
However, the Ministry of Industry and Trade stated that although the results in the first six months of 2024 are very positive, it is still necessary to closely monitor the situation to respond promptly as there are still potential difficulties and challenges. In the coming time, the Ministry of Industry and Trade will focus on removing difficulties and obstacles, reviewing and completing mechanisms to develop industrial production and energy.
