Vietnam's industrial production sees recovery sign in 2013

Vietnam's Index of Industrial Production (IIP) witnessed a recovery sign in 2013 with an increase of 5.9 percent year-on-year compared to that of 4.8 percent in 2012, said the country's General Statistics Office on Wednesday. In December alone, Vietnam's IIP went up seven percent year-on- year with mining sector up 0.7 percent, processing and manufacturing up 8.8 percent, electricity production and distribution up 8.7 percent, and waste treatment up 10.1 percent, according to the office. In the January-December period, industrial processing and manufacturing, which was supposed to drive the country's IIP, rose 7.4 percent, much higher than 2012's 5.5 percent. Electricity production and distribution and water supply, waste treatment hiked 8.5 percent and 9.1 percent year-on-year, respectively, said the office. Some other sectors saw remarkable increases including textile ( 21.8 percent), leather production and related products (15.3 percent). Inventory indexes of the whole industrial processing and manufacturing in 2013 up by 10.2 percent year-on-year, compared to that of 20.1 percent in 2012, according to GSO. Pham Dinh Thuy, Director of Statistical Documentation and Service Center under GSO assessed that the increase in IIP and decrease in inventory indexes in 2013 presented a positive signal of the country's economy, reported the e-portal of the Vietnamese government on Wednesday. The IIP increase was attributed to measures implemented by Vietnamese government to resolve difficulties for companies in stabilizing production, boosting product consumption and reducing inventories. Besides, gradual recovery of world economy, especially European economies has had positive impact on demand for Vietnamese exported products, which further boosts the country's industrial production, said Thuy.