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Vietnam Today

Tet holiday shaves 22.3% off industrial production

Released at: 18:35, 11/03/2016

Tet holiday shaves 22.3% off industrial production

BIDV Securities report notes impact of nine-day break.

by Hung Khanh & Minh Tien

The Index of Industrial Production (IIP) fell 22.3 per cent in February due to the nine-day Lunar New Year (Tet) holiday, according to a report from BIDV Securities (BSC).

Industrial inventories increased 8.9 per cent year-on-year while the Purchasing Managers’ Index (PMI) was affected by the long holiday and remained virtually stagnant.

Prices of various products and services rose slightly in February due to increasing consumer demand. The CPI rose 0.42 per cent month-on-month and 1.27 per cent year-on-year.

Falling gasoline prices reduced transport costs significantly while almost all other sectors saw increases, especially dining, catering and beverages.

Retail sector revenue in February reached VND288 trillion ($12.92 billion), a 6.8 per cent increase year-on-year. Revenue in the first two months was therefore VND587 trillion ($26.34 billion), a 9.7 per cent increase year-on-year.

Interbank interest rates fell sharply in the month, especially since the Tet holiday (February 8). Short-term interest rates fell to less than 2 per cent per annum for one-week terms, 3.7 per cent for one-month terms, and 4.6-4.9 per cent for three to six-month terms.

  • TAGS
  • BIDV Securities
  • BSC
  • Tet
  • Lunar
  • IIP
  • PMI
  • CPI

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