Hanoi: Industrial production increases 7.1% in 2016

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Industrial production in December expanded by 5.5% month on month and 9.9% year on year.

In 2016, some processing and manufacturing industries grew faster than the whole industrial sector’s expansion like food processing (up 21% from 2015); garment production (20%); pharmaceutical, pharmaceutical chemistry and herbal medicine production (30.1%), and metal production (12.6%).

Meanwhile, several industries contracted such as beverage production (down 2%), and chemical and chemical product production (down 7.6%). Notably, timber processing along with wood and bamboo product manufacturing nosedived 46.5%.

Hanoi recorded a growth rate of 8.03% this year – a six-year high. The services sector grew by 8.1% while industry-construction and agriculture respectively rose by 8.8% and 2.21%, data show.