Recovery in manufacturing plateaued out in November Purchasing activity and employment were also scaled back but business sentiment improved to a 16-month high. The Vietnam Manufacturing Purchasing Managers’ Index (PMI) dipped fractionally below the 50.0 no-change mark to 49.9 in November, signalling broadly unchanged business conditions during the month. This followed a reading of 51.8 in October and was the first sub-50 figure in three months. Output decreased slightly in November, thereby ending a two-month sequence of growth. That said, anecdotal evidence suggested that the reduction could be temporary as a number of firms indicated that recent stormy weather and subsequent flooding had disrupted their production during the month. The COVID-19 pandemic was also a factor weighing on output. New orders continued to rise but only fractionally as business was impacted by the stormy weather conditions and flooding, as well as the pandemic. The latter had a particular effect on new export orders, which decreased solidly. On the other hand, a number of respondents indicated that new orders had increased amid improving underlying demand. With new order growth slowing, firms worked through outstanding business, leading to a 10th successive reduction in backlogs of work. The latest fall was solid but softer than in October. Falling… Read full this story
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