Industrial manufacturing growth rises in August

At its regular monthly meeting, the Ministry of Industry and Trade announced that industrial manufacturing in August posted a growth of 3.8 percent over the same period last year.

In the first eight months of this year, industrial manufacturing growth rose by 4.7 percent year-on-year. Although growth was low compared to the same period last year it showed positive changes month after month. Industrial manufacturing growth was 4.1 percent in the first three months of this year, 4.3 percent in the first four months, 4.2 percent in the first five months, 4.5 percent in the first six months, and 4.8 percent in the first seven months, indicating that firms have gradually resolved difficulties.

However, the ministry considered that the current situation remained challenging as the government’s policies have started to take effect but needed more time to bring about desired results.

As domestic demand decreased, affecting consumption, inventory of consumer goods and building material continued to climb. Inventory index of processing and manufacturing industries on August 1 rose by 20.8 percent compared to the same period last year. Of which, beer inventory surged 28.8 percent; cigarette inventory soared 99.4 percent; clothes inventory climbed 24 percent; and fertilizers and nitrogen compound inventory increased 81.6 percent.

By Ngoc Quang – Translated by Thuy Doan

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