Vietnam sees low inventory, rise in index of industrial products

The General Statistics Office has announced that the index of industrial products rose 5.3 percent in August, compared to the same period last year.

Illustrative photo

In this, mining leaped 0.05 percent; processing and manufacturing increased 4.6 percent; power generation and distribution grew 0.55 percent.

Total retail sales and services were estimated at VND1,705 trillion in August, up 12.3 percent year-on-year. This increase helped reduce commodities in stock.

Inventory index of industrial processing and manufacturing until August 1 rose by 9 percent compared to the same period last year.

The Ministry of Industry and Trade said this is the lowest inventory index of industrial processing and manufacturing against the same period last year, yet it also showed the country’s economic recovery is low.

The General Statistics Office also announced export turnover in the first eight months of this year at around US$84.8 billion. A highlight in last eight-month exports was that Foreign Direct Investment still played an important role.

While total imports in the domestic sector reached $28.7 billion, up 3.1 percent year-on-year, the FDI sector export showed a total of $56.1 billion, up 21.6 percent year-on-year.

Vietnam recorded a trade deficit of $577 million in August, 0.7 percent of total export turnover. This is acceptable for Vietnam's balance of trade.

By Lac Phong - Translated by Uyen Phuong

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