May industrial production index inches up 2.2%

Compared to last year, the index inched up 0.1%, with power production and distribution as well as waste/waste water management and treatment expanding 5% and 6.8%, and processing-manufacturing and mining shrinking by 0.5% and 2.9%, respectively.

However, the IIP for the first five months of 2023 fell 2% over the same period in 2022 as the global economy continued to face numerous difficulties and the number of orders for exports declined.

Specifically, the sub-indexes of the processing-manufacturing dropped 2.5%, and mining fell 3.5%.

The five-month index saw annual rises in 49 provinces and cities. The northern province of Bac Giang took the lead with a growth of 15.4%., followed by Phu Tho (15.2%), Hau Giang (13.9%), and Thai Binh (13.2%).