Overall, in the first two months of 2024, the index of industrial production for the entire industry is estimated to increase by 5.7% compared to the same period last year; of which, the processing and manufacturing sector increased by 5.9%, contributing 5.2 percentage points

The statistics released on February 29th by the General Statistics Office indicate that industrial production in February 2024 is estimated to decrease by 18% compared to the previous month and decrease by 6.8% compared to the same period last year. The reason is the Tet holiday of the Lunar New Year of the Rat (Year of the Rat) falling entirely within February 2024, while in the same period last year (February 2023), there was no Tet holiday as the Tet holiday of the Lunar New Year of the Cat (Year of the Cat) occurred entirely in January 2023 (from January 20, 2023, to January 26, 2023).

Overall, in the first two months of 2024, the index of industrial production for the entire industry increased by 5.7% compared to the same period last year.

The Industrial Production Index (IIP) for February 2024 is estimated to decrease by 18% compared to the previous month and decrease by 6.8% compared to the same period last year. Specifically, the mining sector decreased by 15.3% compared to the same period last year; manufacturing sector decreased by 6.5%; electricity production and distribution decreased by 3.6%; water supply, waste management, and wastewater treatment decreased by 1.1%.

The IIP for February 2024 compared to the previous month in some provinces with large industrial scales decreased significantly: Vinh Long decreased by 27.2%; Hai Duong decreased by 25.5%; Ho Chi Minh City decreased by 24.3%; Binh Duong decreased by 24.1%; Hanoi decreased by 20.3%; Dong Nai decreased by 19.6%; Tra Vinh decreased by 17.5%; Long An decreased by 13.7%; Ba Ria – Vung Tau decreased by 11.7%.

Overall, in the first two months of 2024, the IIP is estimated to increase by 5.7% compared to the same period last year (a decrease of 2.9% compared to the same period in 2023). Specifically, the mining sector decreased by 3.5% (a decrease of 2.4% compared to the same period in 2023), reducing the overall increase by 0.6 percentage points; the manufacturing sector increased by 5.9% (a decrease of 3.1% compared to the same period in 2023), contributing 5.2 percentage points; electricity production and distribution increased by 12.2% (a decrease of 2.6% compared to the same period in 2023), contributing 1.1 percentage points; water supply, waste management, and wastewater treatment increased by 2.5% (an increase of 2.9% compared to the same period in 2023), contributing 0.04 percentage points.

The Industrial Production Index (IIP) for the first two months of 2024 in some key secondary industries increased compared to the same period last year. Specifically, chemical and chemical product manufacturing increased by 27.7%; coke and refined petroleum products manufacturing increased by 25.3%; rubber and plastic product manufacturing increased by 24.3%; furniture manufacturing increased by 23.4%; pharmaceutical and medicinal product manufacturing increased by 23.2%; electrical equipment manufacturing increased by 22.1%; textile manufacturing increased by 17.6%; food processing increased by 5.8%; motor vehicle manufacturing increased by 0.9%; and other non-metallic mineral product manufacturing increased by 0.6%.

Conversely, the IIP of some industries decreased compared to the same period last year: Machinery and equipment repair, maintenance, and installation decreased by 21.8%; crude oil and natural gas extraction decreased by 9.4%; beverage manufacturing decreased by 6.6%; electronic, computer, and optical product manufacturing decreased by 2.6%; and other transport equipment manufacturing decreased by 0.8%.

By region, the industrial production index for the first two months of 2024 compared to the same period last year increased in 56 provinces and decreased in 7 provinces nationwide.

Some provinces had relatively high increases in the IIP due to manufacturing industries and electricity production and distribution. Specifically, provinces with increased industrial production indexes in the manufacturing sector for the first two months of 2024 compared to the same period last year are as follows: Bac Giang increased by 29%; Phu Tho increased by 27.6%; Ha Nam increased by 22.2%; Thanh Hoa and Quang Ngai both increased by 22.1%; Binh Phuoc increased by 20%; Kien Giang increased by 19.7%; Tay Ninh increased by 16.9%. Provinces with high increases in the industrial production index for electricity production and distribution include: Khanh Hoa increased by 318.8%; Tra Vinh increased by 102.3%; Thanh Hoa increased by 67.5%; Bac Giang increased by 17.6%; Phu Tho increased by 15.5%.

Conversely, some provinces had low increases or decreases in the IIP due to manufacturing industries, mining, and electricity production and distribution.

Specifically, provinces with low increases or decreases in the industrial production index for the manufacturing sector for the first two months of 2024 compared to the same period last year are as follows: Lao Cai increased by 1.6%; Bac Ninh decreased by 15.5%; Ca Mau decreased by 10.1%; Quang Tri decreased by 8.5%. Provinces with decreases in the industrial production index for electricity production and distribution for the first two months of 2024 compared to the same period last year include: Son La decreased by 41.5%; Hoa Binh decreased by 19%; Cao Bang decreased by 18.2%; Thua Thien – Hue decreased by 16.4%. Provinces with decreases in the industrial production index for mining for the first two months of 2024 compared to the same period last year include: Ha Giang decreased by 75.9%; Ba Ria – Vung Tau decreased by 11%.

Some key industrial products in the first two months of 2024 increased compared to the same period last year. Specifically, gasoline and oil increased by 44.7%; NPK mixed fertilizer increased by 29%; rolled steel increased by 24.1%; chemical paint increased by 22.4%; diameter increased by 21.1%; woven fabric from natural fibers increased by 20.8%; bar steel and angle steel increased by 18.6%; powdered milk increased by 15.3%; electricity production increased by 12.1%.

Conversely, some products decreased compared to the same period last year: mobile phone components decreased by 20.8%; natural gas in gaseous form decreased by 16.1%; television decreased by 13.7%; beer decreased by 11.5%; cars decreased by 9.8%; crude iron and steel decreased by 8.6%; mobile phones decreased by 6.7%.

The number of laborers working in industrial enterprises as of February 1st, 2024, increased by 0.3% compared to the previous month and decreased by 0.5% compared to the same period last year. Specifically, laborers in state-owned enterprises remained unchanged from the previous month and decreased by 0.1% compared to the same period last year; laborers in non-state-owned enterprises decreased by 0.1% and decreased by 2.2%; laborers in foreign-invested enterprises increased by 0.5% and increased by 0.4%.

By sector, the number of laborers working in the mining industry decreased by 0.2% compared to the previous month and increased by 0.9% compared to the same period last year; in the manufacturing sector, it increased by 0.3% and decreased by 0.7%; in the electricity, gas, hot water, steam, and air conditioning production and distribution sector, it remained unchanged and increased by 0.5%; in the water supply, waste management, and wastewater treatment sector, it increased by 0.1% and increased by 1.8%.

Source: amp.tapchicongthuong.vn