Electronics components are produced at a Canon factory in the northern provinc of Hưng Yên. — VNA/VNS Photo

According to the General Statistics Office, the Industrial Production Index (IIP) increased by 7 per cent in October.

Over the first ten months, this index grew by 8.3 per cent year-on-year. The manufacturing and processing industry, the electricity production and distribution sector and the water supply sector all posted high growth rates, at 9.6 per cent, 10.3 per cent and 9.5 per cent, respectively. In contrast, the mining sector saw a decline of 7.2 per cent.

Several key industries also recorded impressive growth rates compared to the same period last year. Rubber and plastic products rose by 26.3 per cent, furniture production increased by 24.8 per cent, energy grew by 16 per cent, chemicals by 14.6 per cent and automotive production by 14 per cent.

Conversely, oil and gas extraction decreased by 11.8 per cent, the coal sector dropped by 5.9 per cent, and machinery and equipment repair declined by 3.9 per cent.

The IIP over 10 months also showed notable variation across localities, with 59 out of 63 provinces recording increases.

Lai Châu, Phú Thọ and Bắc Giang provinces reported exceptional growth in the manufacturing and processing industries. Meanwhile, Khánh Hòa, Điện Biên and Cao Bằng saw strong growth in electricity production and distribution.