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PMI increases slightly in February

VGP - The S&P Global Viet Nam Manufacturing Purchasing Managers’ Index (PMI) was 51.2 in February, ending a string of contractions and up 3.8 points from January.

March 03, 2023 5:33 PM GMT+7
PMI increases slightly in February - Ảnh 1.

The improvement is attributed to signs of market demand bouncing back - Illustration photo

The improvement was attributed to signs of market demand bouncing back. This helps firms secure new customers and see the sharpest increase in new orders since last August, leading to a rise in production, employment, and purchasing activity midway through the first quarter.

"Improving demand conditions both domestically and internationally breathed new life into the Vietnamese manufacturing sector in February, snapping a three-month soft patch around the turn of the year. Output, new orders, employment and purchasing activity all returned to growth as business confidence strengthened on an improving demand outlook," said Andrew Harker, Economics Director at S&P Global Market Intelligence.

With stronger market demand and the growth of new orders, the optimistic outlook for the sector strengthened further, with sentiment picking up for the third straight month and being the highest since last September.

Meanwhile, Viet Nam's index of industrial production (IIP) in February rose 3.6 percent month-on-month and 5.1 percent year-on-year, data from the General Statistics Office of Viet Nam showed.

IIP in the first two months contracted by 6.3 percent over the same period last year due to economic woes, inflationary pressures, fewer new orders and a plunge in export revenue.

The PMI was derived from responses to monthly questionnaires sent to purchasing managers at around 400 major Vietnamese manufacturers, with the 50.0 mark separating contraction from expansion.

Earlier, Viet Nam's PMI edged up to 47.4 in January from 46.4 in December./.