Industrial output to reach $20 billion

The country’s industrial output is estimated to reach VND326.64 trillion (US$19.80 billion) in the first half of the year, an increase of 16.5% over the same period last year, reported the Ministry of Planning and Investment.

The non-State owned sector saw the highest growth, at 22.3%, followed by the foreign-invested sector with 17.4% and the State-owned sector with a spare 6.9%.

In June alone, the industrial output is expected to gain VND56.7 trillion ($3.44 billion), a year-on-year increase of 17.1%.

Output of many key industrial products achieved higher growth than the same period last year, such as passenger vehicles which increased 89.6%, washing machine which surged 52%, TVs (34%) refrigerator production (26.9%), powder milk (23.3%), vegetable oil (23.1%) and seafood processing (21.2%).

Meanwhile, some industrial products showed a decrease, including crude oil (7.9%) and gas and oil (4.7%).

In the first six months of the year, the industrial production value of Hai Duong, Binh Duong, Dong Nai, Vinh Phuc, Can Tho, Hai Phong and Da Nang reached the highest level at 16.9 – 32.6%.

Two large economic centers, Ha Noi and HCM City only showed a modest increase of 16% and 14% respectively.

The Ministry of Industry and Trade has set a target of VND674 trillion ($42.12 billion) in the country’s industrial output this year.

Vu Huy Hoang, Industry and Trade minister confirmed to focussing on development of competitive products with the high added value such as agriculture-forestry-fisheries processing, textile, footwear, shipbuilding, manufacturing, and furniture production.

Total industrial output for 2007 was VND574.05 trillion ($35.88 billion), a year-on-year increase of 17%.

Meanwhile, in the first half of the year, the country’s export turnover is expected to fetch $29.7 billion, up nearly 32% over the same period last year.

Of this, the plastic products have the highest export at 38.4%, followed by the bags export (35%) and electronic goods (32.4%).

However, the country import turnover in the first half of the year is expected to increase year-on-year by more than 60% to $44.47 billion, which is contributed to by the main imported products such as raw materials and machine and equipment for the domestic production industry, especially the import of vehicles and its accessories and steels, according to the Ministry of Planning and Investment. (VNS)