Vietnam among Asian countries shows strongest recovery signals in manufacturing

The purchasing managers indexes (PMIs) of Asian countries witnessed slight pumps  despite the disparity of speed in June and Vietnam is within the group showing the most positive signals in manufacturing recovery, according to Bloomberg. 
July 02, 2020 | 16:26
vietnamese government aims at achieving annual economic growth of 4 Vietnamese Government aims at achieving annual economic growth of 4%
over 200 repatriated vietnamese from japan undergo quarantine in facilities Over 200 repatriated Vietnamese from Japan undergo quarantine in facilities
vietnam prepares to put indigenous covid 19 vaccine on human trial Vietnam prepares to put indigenous Covid-19 vaccine on human trial

PMIs for Japan, South Korea, and Taiwan - the region's manufacturing powerhouses - improved slightly, but stayed below 50, the dividing line between contraction and expansion. Factory output in Vietnam and Malaysia grew for the first time since January and December, before the virus spread in the region. PMIs of Vietnam is 51,1 according to

According to the Vietnam Manufacturing Sector PMI report by IHS Markit, Vietnam's manufacturing sector rebounded in June as success in combating the COVID-19 pandemic and improved business confidence helped output and the number of new orders increased again.

1007 pmi vn

Purchasing activity also increased, but employment continued to decline. Meanwhile, input costs increased for the first time in three months, but output prices fell slightly.

PMIs index of Vietnam achieved 51.1 in June compared to 42.7 in May and was above 50-point neutral threshold for the first time in a year. month. The index results show the situation continues to recover since PMI plummeted a record low in April.

2719 pmi vn 4

The number of new orders has increased for the first time in 5 months with a sharp and fastest rise in nearly a year. Respondents said that COVID-19 pandemic is under control in Vietnam and this reason contributed to the increase in the number of new orders. Both consumer goods and intermediate goods saw new orders increase, but basic investment goods saw a drop in orders.

1717 pmi vn 1
2302 pmi vn 2

While the total number of new orders has increased, the number of new export orders has decreased due to restrictions in international travel and the closure of companies in some export markets. Production also showed signs of rebound in June due to the impact of the consumer goods sector.

The belief that COVID-19 has been controlled in Vietnam and the number of new orders will reinforce the optimism that production will increase next year. Business sentiment has improved sharply for the second month in a row and is the highest since January.

2600 pmi vn 3

Commenting on the recent survey results, Andrew Harker, Chief Economist at IHS Markit, said: “Vietnam's manufacturing sector in June grew again thanks to COVID-19 being controlled. This fact leadsto improve the customer demand in Vietnam. The biggest barrier to the strong recovery seems to be the outcome of the world economy as the virus's effects are still spreading. The number of new export orders continued to decline, while companies continued to raise difficulties in purchasing goods imported from abroad. Moreover, COVID-19 seems to have severely affected the economy in recent months. IHS Markit recently forecast that GDP will increase by only 1% in 2020, which is a very sharp decline compared to the 7% recorded in 2019".

vietnam us intensify exchange of experience in peacekeeping activities Vietnam, US intensify exchange of experience in peacekeeping activities

Following the phone talks with partners to continue implementing activities for the ASEAN Chairmanship Year 2020 and the non-permanent membership of the United Nations Security ...

international arrivals to vietnam plummets while cambodian tourists remain even International arrivals to Vietnam plummets while Cambodian tourists remain even

It is expected that Vietnam will open the international tourism market from the third quarter with different scenarios while foreign tourists coming to Vietnam plummets ...

picturesque photos of vietnams southern villages Picturesque photos of Vietnam's Southern villages

Each place along the S-shaped country boats its own beauty and identity, from the northern destinations of Muong Hum, Lao Cai to the Ca Mau’s ...

Ruby Lee
Phiên bản di động