The Industrial Production Index (IPI) for Vietnam’s processing and manufacturing industry rose by 3.19 percent in November compared to October, showcasing robust month-on-month growth, according to Vietnam’s General Statistics Office. This steady increase highlights the sector’s resilience and its importance to the country’s industrial output.
Year-on-year, the processing and manufacturing industry showed an impressive growth rate of 11.22 percent in November 2024 compared to the same period in 2023. Over the first 11 months of 2024, the sector achieved an overall increase of 9.69 percent compared to the corresponding period last year, underlining its role as a driving force for Vietnam’s economy.
The consistent growth of this sector is attributed to rising domestic consumption, strong export demand, and increased foreign investment. With its focus on electronics, textiles, and machinery production, the processing and manufacturing industry benefits from Vietnam’s integration into global supply chains and its competitive labour costs.
As the backbone of the industrial sector, the processing and manufacturing industry plays a pivotal role in Vietnam’s economic development. Continued investment in technology and infrastructure will be crucial to sustaining this upward momentum.
See also: Manufacturing in Vietnam