The production of rolled steel soars by 48.3% over the same period last year. (Illustrative image: nhandan.vn)
However, the IIP in August declined by 4.2% against July this year and fell by 7.4% compared to the same month in 2020, according to the General Statistics Office (GSO).
The GSO said that the IIP in the first eight months of this year increased by 5.6% while in the corresponding period last year it rose by 2.2%.
The manufacturing sector posted the highest expansion of 7%, contributing 5.9 percentage points to overall growth during the eight-month period. The production and distribution of electricity rose by 6.6%, contributing 0.6 percentage points to overall growth.
It was followed by water supply and waste and wastewater treatment and management.
Several major industrial products soared compared to the same period last year including rolled steel (up 48.3%), phone components (up 43.9%), automobiles (up 27.9%), iron and crude steel (up 13.7%), and leather shoes and sandals (up 12.5%).
Ninh Thuan is the leading locality in terms of the expansion of IIP in the eight months with an increase of 34.1% thanks to growth in prefabricated metal products, food processing and textile production. It was followed by Nghe An (up 23.1%), Hai Phong (up 20.6%), and Bac Ninh (up 9.8%).
Industrial production in many southern provinces saw decreases due to the pandemic such as in Ben Tre (down 60.1%), Dong Thap (down 59.1%), Ho Chi Minh City (down 49.2), and Vinh Long (down 41.5%).
Exports to US likely to surpass 96 billion USD this year
Vietnamese export turnover to the United States is anticipated to surpass the 96 billion USD mark this year as the trade surplus reaches highs of US$81 billion, according to industry insiders, reported VOV News.
Producing components in Hoa Lac Hi-tech Park (Photo: Economic and Urban newspaper)
During the opening seven months of the year, Vietnam’s exports to the US hit approximately 54 billion USD, thereby accounting for 29% of the country's total export turnover and representing an annual rise of 38.3%.
Among the leading nine commodity export items raking in over 1 billion USD in the US market, garments and textiles lead the way with nearly 9.2 billion USD, followed by machinery, equipment, tools and spare parts with 8.95 billion USD, and computers and electronic products with 6.77 billion USD.
Elsewhere, imports from the US increased by 11.3% to over 900 million USD, a factor which means Vietnam enjoyed a trade surplus of 44.94 billion USD with the US, marking an increase of 45.4% year on year.
According to experts, there are two scenarios moving forward for the country’s exports to the US market, with export turnover to the demanding market ranging between 96.6 million USD and 100 billion USD this year.
The experts have advised local firms to devise concrete strategies aimed at avoiding the risks of high taxes and anti-dumping lawsuits in the near future, while simultaneously utilising the network of a large number of overseas Vietnamese residing in the US to enhance investment and trade ties between both sides.
Domestic enterprises are also encouraged to strive to increase their imports from the US, with a primary focus on items such as machinery, equipment, tools, and spare parts, all of which are advantageous products of the US.
Hanoi announces 600 online points selling essential goods
The Hanoi Department of Industry and Trade on August 30 announced a list of online points of sale and units providing the servies on its portal http://congthuong.hanoi.gov.vn, reported Vietnam News Agency.
Illustrative image (Photo: VNA)
Among 600 selling points, 565 are located in districts and wards together with 35 supermarkets, distribution systems and e-commerce platforms to meet public demand amid the COVID-19 pandemic.
They mostly sell necessities such as fresh and processed food via orders on telephone, website and Zalo, Gozek, Now apps./.