Vietnam: Industrial production growth decelerates in October
Industrial production expanded 7.7% in annual terms in October, a solid, albeit more moderate expansion than September’s 9.1% increase.
The deceleration came primarily on the back of a sharp contraction in the mining and quarrying sector, due to sizeable declines in the extraction of crude oil and natural gas. Meanwhile, the manufacturing sector continued to grow at a double-digit pace, while growth in the electricity and gas supply sector, and the water supply, sewerage, waste management and remediation activities sector gained steam in October.
In month-on-month terms, industrial production picked up, growing 5.3% in October (September: +0.8% month-on-month). Annual average growth in industrial output fell to 11.7% in October from 12.5% in September.