Haiphong industrial production in May has increased by 24% over the same period last year. The index of industrial production (IIP) of Haiphong in the first 5 months of 2019 rises by more than 23% over 2017.
Among 51 sectors, the IIP of 31 ones have increased, including the telecommunication devices and generators production increases by 148%. The branches under LG Group hits high growth. LG Group is going to send Korean high quality assembly lines to LG Haiphong, which will help to increase the capacity of LG Haiphong to 11 million products each year. The ready-to-wear production increases by more than 50.8% and electric devices increases by over 40%.
However, the industrial production of some sectors witnesses a decrease, such as cement production, which reduces by 14% over the previous month because Vicem cement Company had their kilns maintained and repaired. Steel production continues reducing because of excess supply and lack of materials. It is forecast that the increase in the price of electricity will partly affect the production.