Vietnam: Industrial output soars in January
Industrial production soared in January, growing 20.9% over the same month of the previous year. The print marks a big jump from December’s 11.2% year-on-year increase and the best result since January 2013. A broad-based expansion across all sub-sectors, along with a marked base effect, were behind the industrial sector’s stellar pace of growth in January.
A breakdown of the sub-components showed a double-digit expansion in the mining and quarrying, manufacturing, and electricity and gas sectors, and a healthy pace of growth in the water supply, sewerage, waste management and remediation activities sector. Manufacturing output accelerated in January, contrasting a moderation in December (January: +23.8% year-on-year; December: +17.8% yoy). The electricity and gas sector also picked up pace, with a 15.4% rise in output (December: +9.0% yoy). Moreover, mining and quarrying rebounded, climbing 10.5% in annual terms (December: -10.0% yoy). By contrast, the water supply, sewerage, waste management and remediation activities sector grew at a solid but slower rate compared to the month before (January: +6.8% yoy; December: +15.7% yoy).
In month-on-month term, industrial production swung from a 2.0% increase in December to a 3.4% contraction in January. Annual average growth in rose to 11.6% in January, up from 10.0% in December.