The increase contributed 2.02 percentage points to the growth of the economy’s added value, the MoIT told its regular press conference in Hanoi on March 29.

In particular, processing and manufacturing served as a major driver of economic growth, climbing up 6.98% and contributing 1.73 percentage points. Electricity production and distribution rose 11.97% and contributed 0.45 percentage point. Water supply along with waste and wastewater management and treatment grew 4.99% and contributed 0.03 percentage point.

However, the mining industry contracted 5.84%, with the coal exploitation volume down 0.3% and crude oil down 3.2%, reducing the general growth by 0.2% percentage point, statistics show.

The index of industrial production (IIP) went up in 54 of the 63 provinces and centrally-run cities during the period. Some localities recorded a double- or three-digit IIP growth rate thanks to surges in processing - manufacturing or electricity production and distribution, the MoIT noted.

Meanwhile, total revenue of goods retail and consumer services in Q1 was estimated at nearly 1.54 quadrillion VND (61.5 billion USD), up 8.2% from a year earlier. The sum includes 1.19 quadrillion VND of goods retail revenue, accounting for 77.4% of the total and increasing by 7% (by 4.5% if price hikes are excluded).

MoIT Deputy Minister Nguyen Sinh Nhat Tan attributed those results to the Government’s support measures and the Prime Minister’s strong directions for promoting public investment disbursement and key industrial projects, together with FDI attraction and disbursement effects that have also helped improve domestic production capacity.

He also mentioned the global market recovery as seen in the rebound of export orders and efforts to diversify markets, the upgrade of Vietnam’s relations with large trading partners that has enhanced investors’ trust, and domestic businesses’ better capacity.

The official viewed the signs of economic recovery during the first three months as a driver of domestic consumption.

New decree expected to promote industrial cluster development

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Industrial real estate emerges out of storm

The industrial real estate segment has emerged as a driver of the property market after sailing through the economic storm last year thanks to the foreign direct investment (FDI) influx, experts have said.

Binh Duong to have 10 more industrial parks by 2030

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Bac Giang hands over investment certificates, implements infrastructure construction plans for Phuc Son and expanded Vietnam Korea industrial parks

BAC GIANG – The Bac Giang Provincial People's Committee (PPC) on March 13 held a conference to hand over Investment Registration Certificates and deploy implementation plans for two projects on structural construction and infrastructure business in Phuc Son and expanded Vietnam Korea industrial parks. The PPC Vice Chairman Phan The Tuan  chaired the event.

Chairman of Bac Giang Provincial People's Committee works with the Provincial Industrial Park Management Board

BAC GIANG - On March 12, Chairman of Bac Giang Provincial People's Committee Le Anh Duong worked with the Provincial Industrial Park Management Board (IPMB) on the results of the first 2 months of the year together with directions and tasks in the future.

Source: VNA