Manufacturing, processing continue to drive industrial growth.

In February, the IIP was estimated to decrease by 2.2% compared to January, but expand by 17.2% compared to the same month last year.

In the first two months, the processing and manufacturing sector experienced growth of 9.3%, contributing 7.9 percentage points to the total growth rate. The electricity production and distribution sector saw an increase of 2.3%, adding 0.2 percentage points. Conversely, the mining sector experienced a decline of 6.4%, which reduced the overall growth rate by 1 percentage point.

The index for several key industries showed growth compared to the same period last year. Notably, motor vehicle production grew by 53.5%, leather and related product by 22.5%, furniture production 19.8%, costume 15.3%, wood and wood products 12.5%.

On the contrary, the IIP of some industries experienced year-on-year decreases. Of these, crude oil and natural gas exploitation fell by 12% while production of drugs, pharmaceutical chemicals and medicinal materials fell by 10.4%.

The index rose in 58 localities and decreased in five localities nationwide. Some localities saw fairly high IIPs thanks to the processing and manufacturing industry, and the electricity production and distribution industry.

According to the National Statistics Office, if Vietnam brings into full play its advantages and accelerates digital transformation and green transformation, while meeting the increasingly stringent requirements of the international market, the country can achieve a breakthrough in industrial growth in 2025 and the following years.

Accordingly, the sectors of electricity production, electronics, and components are continuing to thrive due to various investment promotion activities, creating growth prospects for 2025 and beyond.