IIP picks up in 61 localities in first eight months

In August, IIP saw a month-on-month increase of 2 percent and a year-on-year growth of 9.5 percent.

The processing and manufacturing industry soared by 9.7 percent, electricity production and distribution up 11.6 percent, water supply, waste and wastewater management and treatment activities 7.8 percent. Meanwhile, the mining sector was down 6 percent.

The IIP surged in 61 out of 63 cities and provinces nationwide, according to the GSO.

In the reviewed period, 168,100 enterprises were founded or resumed operations.

Earlier, the S&P Global Viet Nam Manufacturing Purchasing Managers' Index™ (PMI®) posted 52.4 points in August, down from 54.7 points in July but still signaling a solid monthly improvement in business conditions midway through the third quarter. Operating conditions have now strengthened in each of the past five months.

Strong growth of new orders and softer cost pressures led manufacturers to increase purchasing activity sharply during August. Moreover, the rate of growth quickened for the fourth month running to the fastest since May 2022.

Manufacturers remained optimistic that output will increase over the coming year, based on expectations of further improvements in customer demand and new orders. Sentiment dropped for the second month running, however, and was the lowest since January./.