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Vietnam Industrial production December 2023

Vietnam: Industrial output growth stabilizes in December

Industrial output rose 5.8% compared to the same month a year earlier in December, which followed November’s same-sized increase. December saw a sharper decline in mining and quarrying activity and softer growth in electricity production. However, manufacturing output gained steam.

Meanwhile, annual average industrial production growth rose to 2.0% in December (November: +1.6%), signaling an improving trend in the industrial sector.

In 2023, industrial production rose 2.0%, far weaker than the 12% average annual expansion in the decade to 2022, as a result of weak global goods demand. A recovery in overseas goods demand should boost manufacturing and overall industrial production in 2024.

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