Vietnam’s electrical equipment manufacturing industry demonstrated robust growth in October 2024, with varied performance across its key segments, according to Vietnam’s Industrial Production Index.
Overall, electrical equipment manufacturing surged by 9.9 percent from September 2024 and recorded a substantial 15.4 percent increase compared to October 2023. Year-to-date growth in this segment stood at 10.8 percent, driven by rising demand for electrical infrastructure and equipment both domestically and for export.
In contrast, the production of motors, generators, transformers, and electricity distribution and control equipment faced a 12.4 percent decline from September. However, this segment grew by 5.2 percent year-over-year in October and by 6.1 percent over the January-October period, indicating moderate annual growth despite short-term fluctuations.
Battery and accumulator manufacturing, however, experienced remarkable growth, with a 40.6 percent increase from September and a 25.9 percent year-over-year rise in October 2024. The cumulative growth of 12.4 percent from January to October underscores the sector’s rapid expansion, likely driven by the rising demand for energy storage solutions and electric vehicle components.
Cables, wires, and other electronic products saw a 2.7 percent monthly increase, with an 11.5 percent year-over-year rise in October. The year-to-date increase of 13.4 percent indicates strong and steady growth.
Household electrical appliances production grew by 4.6 percent from September and recorded a 14.5 percent year-over-year increase. Cumulatively, this segment rose by 9.3 percent from January to October 2024, fuelled by rising consumer demand for home electronics.
While the electrical equipment manufacturing sector is benefiting from robust demand across various segments, maintaining growth will require navigating supply chain challenges, focusing on innovation, and meeting sustainability expectations, especially in energy-intensive segments like batteries and electrical infrastructure.
See also: Vietnam Electronics Manufacturing