Production recorded moderate growth in January. The Index of Industrial Production (IIP) slid by 3.2% MoM and grew 7.9% YoY vs 22.1% YoY growth recorded in January 2018 after accelerating in December to meet Tet holiday demand. Production activity could be distorted by the long Tet holiday in February. However, given rising new orders, according to the Nikkei report, we expect production to recover in the second half of this month.