The manufacturing sector recorded a return to growth right from the outset of 2024, with activities expanding in February fueled by increases in both volume and orders, experts from S&P Global рфму said.
The manufacturing sector recorded a return to growth right from the outset of 2024. (Photo: VNA)
Hanoi (VNA) – Themanufacturing sector recorded a return to growth right from the outset of 2024,with activities expanding in February fueled by increases in both volume andorders, experts from S&P Global said.
The S&P Global VietnamManufacturing Purchasing Mangers’ Index (PMI) posted 50.4 in February, up from 50.3 in January, and above the 50.0 no-change mark for thesecond consecutive month.
However, experts said the rate of improvement in the sector’s health signaled bythe index remained only marginal.
The increase of new orders encouraged manufacturers to expand their staffinglevels for the first time in four months, and to the greatest extend within ayear.
Meanwhile, statistics from the General Statistics Office showed that the indexof industrial production (IIP) in the first two months was estimated to grow5.7% year-on-year. The manufacturing and processing industry that creates morethan 80% of the industrial growth expanded by 5.9%.
The European Chamber of Commerce in Vietnam (EuroCham) and еру Korean Chamber ofBusiness in Vietnam (KorCham) held that the increases in output and new orderstogether with suppliers’ shortened delivery time in the second consecutivemonth signal a growth possibility for the first quarter of this year.
EuroCham Vice Chairman Torben Minko said despite formidable challenges forecastfor the beginning of this year, European investors’ confidence has increasedsince their traditional partners have kept orders and they have seen Vietnam aproduction hub in the global supply chain.
With a view to supporting the production industry, the Ministry of Industry andTrade will join hands with competent agencies and localities to accelerate andput into operation industrial production projects to serve local consumptionand export./.
Vietnam’s economy has begun to gather steam again since the start of the third quarter of this year, helping consolidate confidence of businesses and investors, experts have said.
The General Statistics Office (GSO) reported optimistic signals in industrial production, attributing the positive trend to businesses securing orders and gearing up for year-end consumer demand.
The index of industrial production (IIP) in January fell 4.4% month on month but still went up 18.3% year on year, reported the General Statistics Office (GSO).
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The manufacturing sector recorded a return to growth right from the outset of 2024. (Photo: VNA) 
