The Industrial Production Index (IPI) for motors, generators, electric transformers, and electricity distribution and control equipment declined by 7.65 percent in November compared to October, according to Vietnam’s General Statistics Office. This marks a notable monthly contraction in the sector.
Year-on-year, the industry grew marginally by 0.29 percent in November 2024 compared to the same period in 2023. For the first 11 months of 2024, cumulative growth reached 6.35 percent, indicating long-term resilience despite short-term challenges.
The monthly decline may be attributed to fluctuations in domestic demand or delays in infrastructure projects. However, the overall growth reflects Vietnam’s role in meeting global demand for energy distribution and control equipment, supported by investments in renewable energy infrastructure.
Motors and transformers manufacturing is critical to Vietnam’s industrial and energy sectors, contributing to export revenues and infrastructure projects. Continued innovation and market diversification will be key to driving the sector forward.
See also: Manufacturing in Vietnam