Vietnam: Industrial production grows at faster rate in July
Vietnam’s industrial sector grew at a strong pace of 14.3% in annual terms in July, up from a 12.3% year-on-year expansion in June.
A breakdown of the data shows an improved performance by the mining and quarrying, manufacturing, and electricity supply sectors. Mining and quarrying output rebounded, growing 2.8% after contracting 3.6% in the previous month. The rise in output was owing to a rebound in oil and natural gas production. Meanwhile, the manufacturing and electricity supply sectors gained slight pace: the manufacturing sector expanded 16.6% in July (June: +15.5% year-on-year) and electricity supply rose 12.2% in the month (June: +10.0% yoy). On the other hand, the water supply, sewerage, waste management and remediation activities sector lost slight speed again, growing 7.6% in July following an 8.0% expansion in June.
In month-on-month terms, industrial production climbed 2.5% in July, contrasting a 0.2% contraction in June. Annual average growth in industrial output increased to 12.4% in July, up from 11.9% in June.