HCMC - Vietnam's Index of Industrial Production (IIP) in January has contracted 4.4% over December 2023, according to a report from the General Statistics Office released on January 29.

Compared to the same period last year, however, the nationwide IIP has shown resilience, increasing by 18.3%. Despite the month-on-month decline in the IIP, the labor force at industrial enterprises has increased by 0.5% against the previous month and 0.1% over the same period last year. The manufacturing and processing sector has surged by 19.3% year-on-year, making a 15.1 percentage point contribution to the overall IIP. The electricity production and distribution sector has climbed 21.6%, adding 1.9 percentage points to the overall IIP. Other sectors, including the water supply and waste treatment sector and mining, have also improved, collectively contributing 1.3 percentage points. In January there are 60 of the country's 63 centrally run cities and provinces posting advancements in IIP and the remaining three seeing a contraction.