The Vietnamese manufacturing sector has made a strong start to 2018, registering sharper increases in output, new orders and employment and this all contributed to the most marked improvement in operating conditions since April 2017.
The Nikkei Vietnam Manufacturing Purchasing Managers' Index, or PMI, a composite single-figure indicator of manufacturing performance, rose to 53.4 in January from 52.5 in December and signalling a solid monthly improvement in the health of the sector.
New orders continued to rise at the start of the year amid improving client demand. Moreover, the rate of expansion accelerated to a four-month high. Positive demand conditions were also highlighted in export markets, supporting a further solid increase in new business from abroad.
Rising new business supported a second successive monthly expansion of manufacturing output. The rise was solid and the fastest since last September.
Production growth was also supported by a marked increase in purchasing activity, and the fastest in 13 months. Meanwhile, strong demand for inputs and raw material shortages led to further delays in deliveries from suppliers.
Manufacturers in Vietnam generally expect client demand to increase further over the course of 2018, thereby supporting optimism towards output growth. Increases in international investment and business expansion plans were also factors likely to lead output to rise.
“After helping to drive growth of the overall economy in 2017, the first month of 2018 provided further welcome news for the Vietnamese manufacturing sector. With the TPP trade agreement also back on the agenda, there will be plenty of optimism that the sector will continue to grow as the year progresses," commenting on the Vietnamese Manufacturing PMI survey data, Andrew Harker, Associate Director at IHS Markit, said.
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