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| A fibre production plant in the central province of Ha Tinh. (Photo: VNA) |
The GSO said the IIP in the first five months soared 6.8% year-on-year. The index saw a yearly decline of 2% in last year's corresponding period.
The manufacturing and processing sector increased by 7.3%. Electricity production and distribution was up by 12.7% and water supply, waste and wastewater management and treatment activities by 6.3%. The mining sector dropped by 5.2%.
Sectors that recorded a significant IIP rise were rubber and plastic, up 27%, and furniture, up 24% while others that posted a decrease in IIP were repair, maintenance and installation of machinery andequipment, down 12%; crude oil and natural gas exploitation, down 11% and production of other means of transport, down 5%.
According to the GSO, the IIP increased in 55 localities and dropped in eight during the reviewed period.
The GSO also said that the number of workers in industrial enterprises as of May 1, 2024, increased 1% month-on-month and 3.2% year-on-year.
According to Dao Phan Long, Chairman of the Vietnam Association of Mechanical Industry, the continued efforts of developed countries to diversify supply sources, supply chains and investments would help Vietnam become a significant production and export hub in the global value chain.
However, the global economic forecast for 2024 suggested weak growth, high inflation and geopolitical tensions in various regions. Vietnam's participation in numerous free trade agreements and its open economy made it susceptible to negative impacts from these risks.
Long said firms still needed connectivity solutions provided by ministries and sectors and support from authorities in addressing difficulties relating to capital, interest rates, and administrative procedures.
The Ministry of Industry and Trade pledged to expedite the disbursement of public investment and review pending issues to quickly bring key projects in the electricity, oil and gas, manufacturing, processing and mining industries into operation, creating market capacity for business development.
Vingroup, Mitsubishi agree to collaborate
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| Representatives pose for a photo during an MoU signing ceremony. (Photo courtesy of Vingroup) |
Vingroup and Mitsubishi Corporation have signed a Memorandum of Understanding (MoU) for comprehensive strategic cooperation, reported Vietnam News Agency.
The partnership focuses on five key areas: urban development, data centre development, renewable energy, used cooking oil recycling and the automotive industry. Through this collaboration, both parties aim to achieve new milestones in business operations in Vietnam and internationally.
In the field of urban development, Mitsubishi Corporation will make large-scale investments in Vinhomes to develop world-class smart city projects in Vietnam. This collaboration will enhance the quality of real estate offerings. The two sides will also collaborate on developing interior design platforms and applying digital technologies to improve the management of real estate projects. In addition, a focus will be placed on using green materials to achieve net-zero emissions, thereby reducing carbon emissions nationwide.
In the field of data centre business, the two parties will conduct a feasibility study to establish a joint venture for data centre operations in Vietnam. This initiative aims to provide critical digital infrastructure for Vietnamese society, contributing to Vietnam's digital transformation and social development.
Regarding renewable energy, the two sides will conduct a feasibility study on implementing wind power projects in Vietnam. These projects aim to supply clean and reliable energy to urban development projects developed by Vinhomes.
Regarding used cooking oil recycling, Mitsubishi Corporation will establish a working group to collect used cooking oil from Vinhomes and Vinpearl projects, recycling it into biofuel to protect the environment. Additionally, they will promote community activities to foster a green lifestyle in urban areas.
In the automotive industry, Mitsubishi Corporation will explore providing after-sales services for VinFast in international markets, thereby enhancing the competitiveness of the VinFast electric car brand.
Leveraging their extensive experience in Japan, Vietnam, and the global market, the collaboration between Mitsubishi Corporation and Vingroup, through the establishment of working groups, will swiftly execute the MoU's objectives. This partnership aims to bring international-standard products and services to the market, advancing sustainable development.
Int'l cruise ship brings over 2,000 tourists to Vung Tau
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| Int'l cruise ship brings over 2,000 tourists to Vung Tau (Photo: VNA) |
Cruise ship Resorts World One with 1,138 crew members and 2,128 passengers of different nationalities aboard docked at Con Dao island in the southern province of Ba Ria-Vung Tau on June 2, reported Vietnam News Agency.
This is the second international cruise ship that the popular tourist destination has received since the beginning of the year.
In about 10 hours of stay in Con Dao, passengers visited local ecological and spiritual tourist attractions where they explored the turtle egg hatchery and mangrove forests, and enjoyed corals and kayaking.
Michael Goh, President of the Singapore-based Resorts World Cruises, said that Con Dao is among a few places that still retains its poetic and rich natural beauty with museums, historical relic sites, and hospitable people. By choosing Con Dao as a new destination in Resorts World One's journey, the firm aims to bring to international tourists unique experiences and opportunities to explore the most pristine destinations in Vietnam, he said.
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| The international tourist group visited tourist attractions in Con Dao. (Photo: VOV) |
Nguyen Thanh Nam, General Director of Saigontourist which served passengers of the cruise ship in Con Dao, said that his firm is seeking to increase the exploitation of the international luxury cruise tourist market to Vietnam.
The successful hosting of cruise ship Resorts World One to Vietnam in general and Con Dao in particular opens up opportunities to promote the image and affirm the attractiveness of the destination and Vietnam's ability to attract international visitors, he held.
Resorts World One departed from Singapore on May 30 to start its five-day journey across Southeast Asia. On June 1, it arrived in Cai Mep-Thi Vai port and brought passengers to explore Ba Ria-Vung Tau and Ho Chi Minh City. It will return to Singapore on June 4.
Coffee one of agricultural products with highest export price
Coffee is one of the agricultural products with the highest export price during the past 5 months of this year, at US$3,482 /ton, up 49.9% over the same period from last year, Vietnam News Agency quoted statistics of the Ministry of Agriculture and Rural Development (MARD).
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| Photo for illustration . (Source: VOV) |
Robusta coffee prices continue to benefit from information regarding concerns that excessive drought in Brazil and Vietnam in recent times will cause damage to coffee trees and limit global output.
The Ministry of Agriculture and Rural Development forecast that Vietnam’s coffee output in the 2023–2024 crop year is estimated to fall by 20% compared to the previous crop year due to adverse weather conditions that come earlier than usual in recent times.
According to experts, the recent coffee crop was very successful as prices increased and farmers earned good profits even though output decreased. High prices will help farmers have the motivation to take better care of their coffee gardens, as well as consider plans to expand growing areas.
Coffee increasingly affirms its role as one of Vietnam's key export products, contributing significantly to the national economy.
With accounting for more than 10% of the country’s revenue from agricultural exports and 3% of total GDP, the coffee industry is not only an important source of income for farmers but also an indispensable part of Vietnam's economic picture.
Last year’s Vietnamese coffee exports hit a record high of 1.61 million tons, bringing in US$4.18 billion, reflecting the strong growth of this industry.
The goal of increasing coffee export value this year is being built on a quite good foundation. However, local businesses still need to devise careful export strategies to make the most of existing advantages and maintain long-term results.
According to the Vietnam Coffee and Cocoa Association (Vicofa), it is forecast that coffee exports will continue to be favorable in 2024. In particular, coffee prices are currently increasing sharply despite a possible fall in coffee output exported to the world market. However, export turnover may enjoy breakthrough growth with coffee exports likely to reach between US$4.5 and US$5 billion this year./.