Industrial production grows by 7.4 percent in 2013

The information was heard at a meeting held by the Ministry of Industry and Trade (MIT) in Hanoi on December 30.

According to the ministry, the processing and manufacturing enjoyed a much higher growth than the 5.5 percent increase in 2012 and accounted for 71 percent of the entire sector's added value. Inventories in the field gradually fell over months. By December 1, the inventory index only saw a year-on-year rise of 10 percent compared to a 21.5 percent increase at the beginning of the year. Meanwhile, the scale and growth of Vietnam's exports were higher than expected, helping the country gain trade surplus. The export structure was shifted in line with industrialisation orientations and the ten-year import-export development strategy until 2020 with a vision towards 2030. Accordingly, processed goods accounted for 71 percent of total exports, followed by agro-aquatic products with 15 percent, and minerals and fuels, 7 percent. Particularly, telephone and spare parts surpassed garments to become the largest hard currency earner with 21.5 billion USD, making up 16 percent of the country's total export turnover and enjoying an impressive growth of 69.2 percent. The import-export activities of domestic enterprises recovered and tended to increase. Their 2013 export turnover was estimated to grow 3.5 percent, up 2.3 percent against the previous year.

(Source: VNA)