Vietnam: Industrial output records slowest growth since January in December
Industrial output growth slowed significantly in December to 3.6% in annual terms, following Novembers downward revision to 6.9%. December’s outturn marked the worst reading since January 2022. The figure was primarily driven by contracting output in the mining and quarrying and water supply sectors and a slowdown in manufacturing activity. That said, a rebound in electricity and gas production added support. While the crucial manufacturing sector is being boosted by the countrys attractiveness as a low-cost manufacturing base for foreign firms, the sector has lost significant steam in recent months on weaker global goods demand.
Meanwhile, annual average industrial production growth rose to 15.7% in December (November: +15.6%).