The domestic industrial production index in May increased 4.4 percent over the previous month, the Ministry of Industry and Trade (MoIT) announced at a meeting in Hanoi on June 4.

While the processing and power, gas and water distribution sectors rose 5.2 percent and 1.2 percent respectively, the mining industry declined 3.7 percent over April. 

In all, the index inched up 6.8 percent over last May, said MoIT.

The index improved over the first quarter but it dropped significantly compared to the same period in previous years, said MoIT Deputy Minister Hoang Quoc Vuong.

Concerns over what was termed the inadequate reduction in petrol and gas prices were raised at the meeting, as global prices have fallen further than domestic rates.

MoIT said it will co-operate with the Ministry of Finance to work with gas dealers in a programme to ease prices.

In five months, trade deficit reached US$622 million, accounting for 1.45 percent of total export turnover.

Vietnam still reported higher imports than exports with some Asian markets, such as mainland China (US$5.3 billion), ASEAN region (US$2.5 billion), the Republic of Korea (US$3.7 billion) and Taiwan (US$2.7 billion).

However, foreign invested companies, excluding those involving crude oil, posted a trade surplus of US$960 million.

In order to both boost exports and tackle high inventories, the market watchdog said businesses should seek more ways to promote trade and expand their distribution networks. One possible measure is to actively co-ordinate with banks and their own investors.

(VNS/VOVOnline)