Vietnam: Industrial output posts quickest growth since October 2022 in November
Industrial output grew 5.8% in year-on-year terms in November, which was above October’s 4.1% increase. November’s figure marked the best reading since October 2022. Looking at the details of the release, November’s pickup was broad-based. Manufacturing and electricity production accelerated, while mining and quarrying activity contracted at a softer rate.
Meanwhile, annual average industrial production growth rose to 1.6% in November (October: +1.5%). This signals an improving trend in the industrial sector.
Year to date, industrial production has risen 1.0%, 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 next year.