Vietnam’s Purchasing Managers' Index down in March: S&P Global
After having shown signs of recovery in the previous month, the Vietnamese manufacturing sector took a step back in March, according to S&P Global - the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets.
HCM City (VNA) - After having shown signs of recovery in the previousmonth, the Vietnamese manufacturing sector took a step back in March, accordingto S&P Global - the world’s foremost provider of credit ratings, benchmarksand analytics in the global capital and commodity markets.
In its April 3 news release, S&P Global said that renewed falls were seenin output, new orders and employment amid reports of muted customer demand.
The S&P Global Vietnam Manufacturing PurchasingManagers' Index (PMI) posted 47.7 in March, down from 51.2 in February andbelow the 50.0 no-change mark for the fourth time in the past five months.
It also cited assessments by firms as saying that the pausein growth seen in March was generally reflective of a relatively subdued demandpicture. Both total new business and new export orders fell accordingly. The dropin overall new orders was the fourth in the past five months, while newbusiness from abroad dipped for the first time in three months. In turn,backlogs of work decreased at the fastest pace since last November.
Despite signs of weakness at the end of the first quarter ofthe year, manufacturers remained optimistic that output will increase over thecoming 12 months. Business sentiment dipped from February, but was still thesecond-highest in five months amid hopes for demand improvements and stable market conditions. Some firms also pointed to business expansionplans.
"The softening of conditions in March will hopefully be justa blip, however, with firms remaining confident in the year ahead outlook," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
A sustained period of strengthening cost inflation wasbrought to an end as pricing pressure was dented by fragile demand, while therecovery in supply chains continued apace, he added./.
The Vietnam Manufacturing Purchasing Managers' Index (PMI) dropped to 51.7 in March from 54.3 in February, as the latest wave of the COVID-19 pandemic led to widespread labour shortages in the manufacturing sector during March, according to S&P Global.
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Illustrative image (Photo: VNA) 
