Manufacturing PMI at eight-year high
VGP – Improved business conditions have vigorously stimulated production with strongly and fast increasing number of contracts in November.
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The headline Nikkei Viet Nam Manufacturing Purchasing Managers’ Index, or PMI, rose from 53.9 in October to 56.5 in November, surging further above the 50-point line separating expansion from contraction.
This is the record growth rate of PMI in Viet Nam over the last eight years.
Production of consumption goods witnessed the sharp increases in quantity, number of orders, and job generations.
New orders increased sharply, encouraging manufacturers to increase production. The rate of output growth quickened to the fastest since March 2011. Business sentiment was at the highest level since February 2016, signaling further growth in the sector.
“The Vietnamese manufacturing sector continued to defy recent signs of slowing demand elsewhere in the global economy during November,” said Andrew Harker, Associate Director at IHS Markit, which compiles the survey./.
By Kim Loan
