The economy’s 11-month manufacturing and processing figures increased to the highest level over the past eight years, bolstering the country’s industrial production since early 2018. The General Statistics Office (GSO) last week reported that in the first 11 months of the year, the manufacturing and processing sector rose by 12.2 per cent on-year, the highest 11-month level since 2011. This sector creates 80 per cent of Vietnam’s industrial growth. “The manufacturing and processing sector has made a spectacular breakthrough to continue to become a key driver of the economy’s industrial production,” said a report on Vietnam’s 11-month economic situation by the National Centre for Socioeconomic Information and Forecast. According to the GSO, electronics and garments are among the key drivers of the sector, up 11.2 and 11.5 per cent on-year respectively, with major companies like Samsung performing well. Samsung’s export turnover sat at about $54.4 billion last year, holding over 25.4 per cent of Vietnam’s total export turnover of $214 billion. The company also occupied 95 per cent of the total export turnover of South Korean businesses in Vietnam. It is expected that the group will fetch about $55 million in export turnover this year, and more next year. Samsung’s… Read full this story
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