The Industrial Production Index (IPI) for electrical equipment manufacturing slightly declined by 0.96 percent in November compared to October, indicating a minor month-on-month decrease, according to Vietnam’s General Statistics Office. Despite this short-term drop, the sector’s year-to-date performance remains robust.
Year-on-year, the industry recorded a substantial growth rate of 13.23 percent in November 2024 compared to the same month in 2023. Over the first 11 months of 2024, cumulative growth stood at 11.26 percent, reflecting the sector’s importance in Vietnam’s industrial output.
The growth is attributed to rising domestic and international demand for electrical equipment, particularly for renewable energy and infrastructure projects. Vietnam’s focus on modernising production and diversifying its export markets has further supported this performance.
Electrical equipment manufacturing remains a cornerstone of Vietnam’s industrial economy, driving technological advancements and supporting infrastructure development. Continued investments in innovation and sustainable practices will bolster long-term growth.
See also: Electronics Manufacturing in Vietnam