This was a record high over the past four years, exceeding the annual target of 7-8 per cent.
Vietnam’s industrial production index (IIP) rose by 8.4 per cent YoY in 2024—a record high over the past four years, exceeding the annual 7-8-per cent target.
The manufacturing and processing sector saw the highest YoY IIP growth of 9.6 per cent compared to 2023’s 1.5 per cent.
The IIP for textiles, furniture and leather-leather goods grew by 12 per cent, 24 per cent and 14 per cent YoY respectively.
The IIP for textiles grew by 12 per cent YoY last year.
The government attributed the rise to policies, especially related to tax, to address difficulties for businesses and efforts from local authorities to reform administrative procedures, improve infrastructure and promote investment, domestic media outlets reported.
Effective investment and trade promotion campaigns also contributed to the growth.
In 2024, the manufacturing and processing industry saw the highest YoY IIP growth of 9.6 per cent compared to 1.5 per cent in 2023.
The IIP for textiles, furniture and leather and leather goods grew by 12 per cent, 24 per cent and 14 per cent YoY respectively last year.
As of December 31, 2024, the inventory index of the processing and manufacturing sector was estimated to have risen by 10 per cent month on month (MoM) and by 10.6 per cent YoY. The number of workers in industrial enterprises increased by 1 per cent MoM and by 3.2 per cent YoY.
The average inventory ratio of the industry in 2024 was 77.1 per cent, compared to 88 in 2023.
Fibre2Fashion News Desk (DS)
