Industrial production in Vietnam has shown signs of recovery and is believed to have a bright prospect in 2024 thanks to the global consumption rebound and support from the Government, ministries, and sectors.

Vietnam’s industrial production remains challenged despite signals of recovery in August, while a decline in business confidence means it may be a stretch to hit government-set goals.

The first quarter of 2023 saw a decline of 2.2% in the Index of Industrial Production (IIP) compared to the same period last year, due to the impact of the world economy's challenges on domestic production and business.