Vietnam’s production of motors, generators, electric transformers, and electricity distribution and control equipment declined by 9.8 percent in December compared to November, according to Vietnam’s Industrial Production Index.
Year-on-year, the sector posted a modest growth of 1.3 percent in December 2024 compared to December 2023. For the full year of 2024, cumulative growth reached 7.3 percent compared to 2023, reflecting solid overall annual performance despite the year-end dip.
The December decline could be attributed to seasonal production adjustments or decreased demand for electrical equipment during the month. However, the year-on-year and annual growth indicate the sector’s resilience, driven by increasing investments in infrastructure, renewable energy initiatives, and exports of electrical equipment.
Vietnam’s electrical equipment manufacturing industry is crucial for supporting domestic energy projects and infrastructure development. With rising demand for energy-efficient solutions and smart grid technologies, the sector continues to attract investment and develop advanced manufacturing capabilities.
The sector’s steady annual growth in 2024 underscores its vital role in Vietnam’s industrial economy and energy transition.
See also: Electronics Manufacturing in Vietnam