Vietnam’s industrial production has shown a growing trend through thefirst six months of the year, posting a growth of 5.8 percent year onyear for the entire period, a positive signal that the industry and theeconomy are on the road to recovery.

Specifically, theprocessing and manufacturing industry expanded by 7.8 percent comparedto 6.1 percent recorded in last year’s same period and contributing upto 5.5 percent of the whole industrial sector’s growth.

Production of electronic components, garment, leather-footwear,automobiles and shipbuilding posted two digit growth rates thanks tostable orders from traditional markets.

Added to the bounceis falling inventories, especially electronics, leather products andelectrical appliances that recorded increases of 62.2, 18.4 and 16.5percent in consumption.

Deputy Minister of Industry andTrade Le Duong Quang urged enterprises, especially garment, footwear andelectronic firms to seek new sources of material supply and ease theirreliance on Chinese imports against the backdrop of ongoing tension inthe East Sea.

Head of the Planning Department under theMinistry of Industry and Trade Nguyen Tien Vy forecast that the 2014industrial production index will rise by between 6-6.5 percent.

Minister of Industry and Trade Vu Huy Hoang vowed to fine tunepolicies and incentives meant for agro-forestry-fisheries and ruraldevelopment in order to achieve the yearly goal.

He saidmore initiatives to lure foreign investment will be crafted to ramp upsupport, mechanical, chemical and processing industries.

TheElectricity of Vietnam, the PetroVietnam National Oil and Gas Group,and the Vietnam National Coal and Mining Industries Group will work atfull capacity to ensure power supply for industrial production, heassured.-VNA