Bac Ninh, Vietnam: Industrial Production Index Rises by 20.84% in October

Specifically, the 20.84% increase in the Industrial Production Index for October was driven by several key sectors:

• Food processing and manufacturing industry increased by 2.07%.
• Manufacture of wearing apparel increased by 31.94%.
• Manufacture of electronic, optical products, computers, and electronic components increased by 26.31%.
• Water supply increased by 26.43%.

The rise in the IIP is attributed to Bac Ninh, Vietnam's attractive environment for both domestic and foreign investors. The province has seen continuous growth in Foreign Direct Investment (FDI) projects, particularly in the manufacturing and processing sector within key industrial parks, which has significantly contributed to overall growth. Furthermore, major corporations specializing in electronic component manufacturing continue to maintain stable production, expand their facilities, and solidify the position of this industry in the global supply chain.

 Bac Ninh, Vietnam: Industrial Production Index Rises by 20.84% in October

The electronic component manufacturing sector remains the driving force, accounting for a large proportion and maintaining impressive growth.

Cumulatively for the first ten months of the year, the IIP is estimated to have increased by 16.45%. Sector-specific contributions were:

• Manufacturing and processing, the largest sector by share, maintained its crucial role with an increase of 16.6%.
• Mining decreased by 8%.
• Electricity, gas, steam, and air conditioning supply increased by 2.73%.
• Water supply, sewerage, waste management, and remediation activities increased by 20.53%.

Major products also saw sharp increases:

• Various types of computer parts increased 7.85 times.
• Peripheral equipment increased 3.66 times.
• Laptops and iPads increased 2.1 times.
• Smartphones increased 2.1 times compared to the same period.

The estimated value of industrial production for October reached 250,857 billion VND, an increase of 18.4% year-on-year. For the first ten months, the value reached 1.99 million billion VND, an increase of 13.64% compared to the same period.