Vietnam News Service reported that the
domestic industrial production index in May 2012 increased by 4.4% MoM.
The
Ministry of Industry and Trade said that while the processing and power, gas
and water distribution sectors rose 5.2% and 1.2% respectively, the mining
industry declined 3.7% over April 2012.
The
index increased 6.8% YoY as compared to May 2012. In the first five months it
went up by 4.2% YoY as compared to the same period last year.
Of the
three sectors, processing industries grew 3.8% as compared to 12.6% in 2011.
Deputy
minister Mr Hoang Quoc Vuong said that the index had improved over the first
quarter but it had dropped significantly compared to the same period in
previous years. He added that "It hints at lots of difficulties within the
industrial sector, especially the processing field."
Concerns
over what was termed the inadequate reduction in petrol and gas prices were
raised at the meeting, as global prices had fallen further than domestic rates.
A
representative of the domestic market management team said that "Petrol
prices cannot be correspondingly reduced to international levels, considering
the benefits of the State and petrol enterprises."
Meanwhile,
lifting the price stabilization fund to support the petrol price was still the
main measure.
The
Ministry of Industry and Trade said it would co operate with the Ministry of
Finance to work with gas dealers in a program to ease gas prices. In addition,
trade deficit data was also released yesterday. The figure was estimated to
reach USD 622 million in the first five months of the year, accounting for
1.45% of total export turnover.
Viet
Nam still reported higher imports than exports with some Asian markets, such as
mainland China (USD 5.3 billion), ASEAN region (USD 2.5 billion), South Korea
(USD 3.7 billion) and Taiwan (USD 2.7 billion). However, foreign invested
companies, excluding those involving crude oil, posted a trade surplus of USD
960 million.
In
order to both boost exports and tackle high inventories, the market management
team said, businesses should seek more ways to promote trade and expand their
distribution networks.
One
possible measure was to actively co-ordinate with banks and their own
investors.
Source
- Vietnam News Service
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