A new method in assessing the index of industrial production (IIP) has been officially adopted by the General Statistics office (GSO) to better assess Viet Nam’s economic growth.
The GSO made the announcement at a conference held in Ha Noi on July 3 to review trial implementation of the new method in the first half of 2007.
Under the new standard, the index of industrial production (IIP) will be measured in terms of the volume of industrial products instead of basing on the 1994’ prices and will be released every month, together with the index production of key industrial commodities and their volume.
The GSO have applied the new method in cooperation with the Japanese International Cooperation Agency (JICA) to assess industrial growth in 25 provinces and cities nationwide over the past six months. The move is part of a joint initiative between Viet Nam and Japan geared to bring the Southeast Asian country’s statistics work in line with international standards.
The IIP method is already applied by many countries around the world such as India and Japan.
Source: VNA
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