Vietnam’s industrial production index continues to rise

Vietnam’s industrial production index rose by 22.1 per cent year-on-year in February this year, up 10 per cent from January, the Ministry of Planning and Industry said at a meeting held last week.

According to the ministry, the country’s industrial production index increased by 3.9 per cent, in the first month of 2012. In which, the mining industry posted an 11.7 per cent increase, the processing industry a 5 per cent increase, and production and distribution of electricity, gas and water rose by 2.4 per cent.

The country’s export revenue in February reached US$8.2 billion, an increase of 15.6 per cent against January and rose by 66.3 per cent compared to the same period last year.

The Ministry estimates that export turnover for the first two months of this year reached $15.3 billion, an increase of 24.8 per cent over the same period last year.

The report also showed that total retail sales of goods in January 2012 increased 4.9 per cent from December 2011. Meanwhile, retail sales of goods in February decreased 3.79 per cent from January 2012.

Several commodity prices in the world in the first two months of the year have increased, affecting price of imported goods in Vietnam. The country’s import value and volume decreased in the first two months of the year. Accordingly, imported fuel increased 18.5 per cent, while the volume of imported fuel decreased 31.7 per cent.

Prices of essential commodities including petroleum, cooking gas and electricity will be put under strict control, said Nguyen Nam Hai, Deputy Minister of Industry and Trade.

Mr. Hai has asked related agencies to strengthen supervision in fuel trade and penalise all violators.

He said the ministry will co-ordinate closely with the Ministry of Finance to manage cooking gas prices, adding that inspections and tight control over the commodity will be strengthened to prevent speculation and unreasonable price hikes, like the recent one in February.

Regarding the adjustment of petrol prices, Hai said local gasoline prices depend on the global market. He affirmed that retail petroleum prices are adjusted at a reasonable rate in line with the market mechanism to help petroleum businesses avoid losses and ensure a stable supply in the market.

He also said that electricity is the backbone of the economy and modern day society. If the price of electricity must be increased, it will be raised gradually following a roadmap and regulated market mechanisms in order to prevent a drastic surge, all at once.

By Ph.Thao – Translated by T.Huong

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