Vietnam’s IIP rises by 9.4% during Jan-Aug 2022

Vietnam’s index of industrial production during the period from January to August 2022 jumped 9.4% compared to the corresponding period in 2021. Figures also revealed that the IIP for casual wear increased 12.7% while that for fabrics made from man-made fibres grew by 5.5%. Leather shoes and sandals marked a 12.5% rise.

The processing and manufacturing industry recorded the highest IIP growth of 10.4% during the period, according to Vietnam’s General Statistics Office. Industrial production in August 2022 has shown quick signs of recovery with a rise of 15.6% year-on-year and 2.9% over the previous month.

Industrial production in August 2022 expanded by 2.9% compared to the previous month and 15.6% year-on-year, which can be attributed to businesses boosting production to make up for the period impacted by the COVID-19 pandemic. Moreover, 61 out of 63 provinces and cities recorded IIP growth during the first eight months of 2022. The Bac Giang province attained the highest IIP of 51% at the time, according to various Vietnamese media reports.

While production in industrial centres in Vietnam is on its path to recovery, lack of human resources remains one of the main roadblocks encountered by businesses moving towards production renewal, as per Vietnam’s ministry of industry and trade.