Industrial production - bright spot in economic picture

Specifically, the processing and manufacturing industry expanded by 7.8 percent compared to 6.1 percent recorded in last year's same period and contributing up to 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 to stable orders from traditional markets. Added to the bounce is falling inventories, especially electronics, leather products and electrical appliances that recorded increases of 62.2, 18.4 and 16.5 percent in consumption. Deputy Minister of Industry and Trade Le Duong Quang urged enterprises, especially garment, footwear and electronic firms to seek new sources of material supply and ease their reliance on Chinese imports against the backdrop of ongoing tension in the East Sea. Head of the Planning Department under the Ministry of Industry and Trade Nguyen Tien Vy forecast that the 2014 industrial production index will rise by between 6-6.5 percent. Minister of Industry and Trade Vu Huy Hoang vowed to fine tune policies and incentives meant for agro-forestry-fisheries and rural development in order to achieve the yearly goal. He said more initiatives to lure foreign investment will be crafted to ramp up support, mechanical, chemical and processing industries. The Electricity of Vietnam, the PetroVietnam National Oil and Gas Group, and the Vietnam National Coal and Mining Industries Group will work at full capacity to ensure power supply for industrial production, he assured.

(Source:VNA)