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Industrial production grows 5.4%   2009-04-27 - VietNamNet/Viet Nam News

Industrial production in April has shown signs of recovery, with a 5.4 per cent increase year-on-year, according to the General Statistic Office (GSO).

Industrial output this month was estimated at VND55.5 trillion, bringing total production in the first four months to VND209 trillion.

Industrial output this month was estimated at VND55.5 trillion (US$3.26 billion), bringing total production in the first four months to VND209 trillion ($12.3 billion).

Industrial performance had shown signs of recovery and would develop soon, said economic expert Nguyen Quang Ha, from the GSO's general economic statistics department.

The recovery could be seen in all three sectors. The private sector saw the biggest growth with 9.1 per cent, while the State sector saw 4 per cent and the foreign direct investment sector 3.1 per cent.

Crude oil showed the best performance with an increase of 29.3 per cent at 3,828 million tonnes; LNG 33 per cent; cigarettes 9 per cent; textiles 10 per cent; fertiliser 10.6 per cent; detergent 26 per cent; steel 32.3 per cent; building glass 61.8 per cent and production electricity 5.3 per cent.

For all of 2009, the country has targeted an increase of 7.4 per cent in industrial production, compared with 14.6 per cent in 2008.

Ha said that the industrial production increase was attributed to a rise in consumption on the domestic market due to stimulus policies by the Government. One was a 4 per cent interest rate subsidy for businesses, estimated at $1 billion, and the other was 100 per cent of interest rates for loans for agricultural production equipment and 4 per cent for buying construction materials in rural areas.

The GSO also said that the rate of stockpiled, processed industrial products had been reduced from 17.5 per cent year-on-year in January to 164.6 per cent in February and 152.3 per cent in April.

Ha said that industrial production had many months left to go to achieve a growth rate of 14-16 per cent like in previous years.

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