According to Director of the GSO’s Industry and Construction Statistics Department Phi Thi Huong Nga, Vietnam could achieve breakthrough industrial growth in 2025 and beyond by leveraging its advantages and accelerating digital and green transformation as well as meeting the increasingly stringent requirements of the international market.
Vietnamese enterprises pumped more than 136 million USD of total investment into new projects and to supplement capital in ventures abroad in the first five months, equivalent to 43% of the figure seen in the same period last year.
The added value of the industrial sector rose 8.48% in the first half of 2022 against the same period last year, with manufacturing and processing up 9.66%.
The industrial production index posted a year-on-year rise of 8.3 percent in the first five months of 2022. Manufacturing and processing expanded 9.2 percent and phone components, which are the major industrial products in the reviewed period, surged 21.6 percent against the same period last year.
Vietnamese firms operating in supporting industries have been developing in recent years, as products have partly met demand in the domestic market and for export.
Despite the complexity of the fourth COVID-19 wave, Vietnam’s GDP growth is forecast to exceed 6.5 percent this year on the back of surging industrial production and global economic recovery, according to Assoc. Prof. and PhD Dinh Trong Thinh, a senior economist from the Academy of Finance.
Vietnam’s industry grew 6.5 percent year on year in the first three months of 2020, with the manufacturing and processing sector expanding 9.45 percent and remaining as the main engine of the economic growth.
Foreign enterprises poured a considerable amount of capital into manufacturing and processing projects in the first half of January, according to the head of the investment office at the Ho Chi Minh City Export Processing and Industrial Zones Authority (Hepza), Tran Viet Ha.
The latest updates from the Foreign Investment Agency revealed that Vietnam invested 3.97 million USD abroad in January, more than three times higher than the same month last year.
Vietnam’s GDP expanded 6.98 percent in the January-September period, the highest nine-month growth rate over the past nine years, said General Director of the General Statistics Office (GSO) Nguyen Bich Lam on September 28.
The total newly-registered, additional foreign capital and foreign investors’ stake purchase reached 30.8 billion USD over the first 11 months of the year, or 93.2 percent from the same period last year, reported the Ministry of Planning and Investment’s Foreign Investment Agency.
Vietnam can escape the middle income trap to achieve rapid and sustainable growth only by improving its labour productivity, heard a policy dialogue on September 26 in Hanoi.
Vietnam’s manufacturing and processing industry is optimistic for the second quarter of 2018, with 91 percent of enterprises in the industry predicting production volume to expand or stay flat from the first three months of the year
