Vietnam PMI manufacturier

The S&P Global Vietnam Manufacturing PMI fell to 45.6 in April 2025, down from March’s seven-month high of 50.5. This marked the third contraction in factory activity since early 2024, and the steepest fall since May 2023, driven by reductions in output, new orders, and employment. New orders fell the most in almost two years, largely due to the introduction of tariffs by the U.S, with foreign orders falling the sharpest since June 2023. Output shrank at the fastest pace since January 2023 while employment declined at the steepest reduction in three-and-a-half years. Purchasing activity dropped at the sharpest pace since May 2023, while delivery times lengthened slightly. On prices, input cost inflation eased to its lowest level since August 2023, while output prices fell at the fastest rate in 21 months. Finally, sentiment weakened to its lowest point since August 2021, as firms grew increasingly concerned about the potential impact of tariffs on future production.