Vietnam Manufacturing PMI at 4-Month High

The S&P Global Vietnam Manufacturing PMI jumped to 54.3 in February 2026, picking up from a four-month low of 52.5 in January. It marked the highest reading since October 2025, as production accelerated to a more than 18-month high, and new orders expanded at their fastest pace since last October, supported by stronger customer demand and product preparation ahead of deliveries. The surge in output and new orders drove a strong rise in employment and purchasing, with staffing rising for the fifth consecutive month at the fastest pace since September 2022. On the price front, input costs rose at the fastest rate since June 2022 amid higher supplier charges and shipping costs, while output prices held steady at the 45-month high recorded in January. Finally, business confidence rose for the fifth consecutive month, reaching a 40-month high on the back of stronger market demand and expectations of continued new order growth.

The S&P Global Vietnam Manufacturing PMI fell to 52.5 in January 2025 from 53 in December, marking its lowest level since September 2024. Despite the moderation, it remained in positive territory for the seventh straight month, as output expanded at a faster pace, driven largely by stronger new orders amid improving customer demand. Total new business growth was supported by a rebound in new export orders, with companies reporting increased demand from other Asian markets, including India. Moreover, employment rose for the fourth month in a row. While job creation remained modest, the pace accelerated to its fastest since June 2024. On the price front, input cost inflation eased slightly from the three-and-a-half-year high seen in December, while selling prices continued to climb rapidly, reaching its fastest pace since April 2022. Looking ahead, business sentiment strengthened further, with the twelve-month production outlook hitting its highest level since March 2024.

The S&P Global Vietnam Manufacturing PMI eased to 53.0 in December 2025 from 53.8 in November, signaling a modest slowdown in growth momentum. Output rose for the eighth straight month, supported by continued growth in new orders, although the pace of expansion in both production and new business softened compared with November, partly reflecting lingering supply disruptions from recent storms and flooding. Employment also increased, as firms expanded staffing levels to support higher output and reduce backlogs of work. On the pricing front, input costs surged at the fastest pace since June 2022 amid material scarcity and unfavourable exchange rate movements, while output prices increased solidly as manufacturers passed higher costs on to customers. Business sentiment strengthened further, reaching its highest level since March 2024, underpinned by expectations of stronger demand, improved weather conditions, and increased production capacity.