The Industrial Production Index (IPI) for the manufacture of concrete and products from cement and plaster grew by 1.28 percent in November compared to October, indicating modest monthly growth, according to Vietnam’s General Statistics Office. However, the year-on-year data paints a more challenging picture.
Compared to November 2023, the sector contracted by 13.21 percent, reflecting reduced activity in this category. Despite this, the first 11 months of 2024 showed a cumulative growth of 4.32 percent compared to the same period last year, highlighting its long-term potential despite short-term challenges.
The significant year-on-year decline could be attributed to slower demand for high-value concrete products or reduced investments in construction in some segments. However, the cumulative growth reflects recovery efforts and ongoing infrastructure developments.
Concrete and cement products are crucial to Vietnam’s construction industry, contributing to both large-scale infrastructure and smaller housing projects. Enhancing production processes and exploring export opportunities will help the sector navigate current challenges and achieve steady growth.
See also: Construction Industry in Vietnam