According to experts, the economy has shown many signs of recovery and is expected to have a sudden growth in the fourth quarter when public investment disbursement, consumption and industrial production all achieve growth.

Statistics show that the macroeconomic picture in August is gradually turning brighter, especially in the export and industrial production sectors.

According to a report from the General Statistics Office, in August, the index of industrial production (IIP) continued the positive trend compared to the previous month, estimated to increase by 2.9% over the previous month and increase by 2.6% compared to the same period last year.

In which, many industrial production hubs of the country have recorded a very deep decline in IIP such as Bac Ninh and Hai Phong, which have had a breakthrough. In August, Hai Phong was the locality with the largest increase in the IIP index in August 2023 in the country with an increase of 26.4%; Bac Ninh with an increase of 8.2%; Thai Nguyen with an increase of 6%; Bac Giang with an increase of 5.4%; Vinh Phuc with an increase of 5.3%; Ho Chi Minh City with an increase of 3.4%; Vinh Long with an increase of 2.2%; Hai Duong with an increase of 2.1%; Long An with an increase of 1.5%; Binh Duong with an increase of 1.1%.

Although, the 8-month cumulative figure is estimated to decrease by 0.4% compared to the same period last year, this is a positive figure compared to the decrease of 0.7% in the first 7 months and 1.2% in the first 6 months of the year. The number of localities with increased industrial production index in the first eight months of the year was also overwhelming when there were 49 localities recording growth and only 14 localities recording a decrease.

Notably, the processing and manufacturing industry increased by 3.5% in August, maintaining the growth trend of July (an increase of 3.6%), this is a very positive signal because this is an important driving force for the industrial production industry and the whole economy.

Localities with a strong increase in the production index of the processing and manufacturing industry in the first eight months of 2023 compared to the same period last year are: Bac Giang with an increase of 16.4%; Phu Tho with an increase of 15.7%; Nam Dinh with an increase of 13.8%; Kien Giang with an increase of 13%; Hai Phong with an increase of 12.1%; Phu Yen with an increase of 11.8%.

Another factor is the Purchasing Managers Index (PMI) has exceeded 50 points for the first time after six months of maintaining a gloomy situation. Data from S&P Global shows that Vietnam's manufacturing PMI in August increased again to above 50 points for the first time in six months.

In ASEAN, Vietnam's PMI in the first 8 months of 2023 recovered in a V-shape, bottomed out in the second quarter and grew significantly in the third quarter. Currently, Vietnam's PMI has increased above the threshold of 50 points, higher than the Philippines, Thailand and Malaysia.

Kylie Nguyen