Vietnam PMI manufacturier

The S&P Global Vietnam Manufacturing PMI fell to 48.9 in June 2025 from 49.8 in May, marking the third consecutive month of contraction. New orders declined further, especially from overseas amid the impact of US tariffs. The drop in new export orders was the joint-fastest since September 2021, matching that of May 2023. As a result, firms cut staffing levels but still managed to deplete backlogs. Purchasing activity declined for a third month, while stocks of inputs and finished goods were scaled back sharply, posting the steepest falls in nine and five months, respectively. Despite subdued demand, output rose for a second month. Meanwhile, input costs rose in June after the first drop in nearly two years, amid material shortages and a weaker dong against the US dollar. This prompted firms to raise their output prices, ending a five-month decline. Finally, business confidence improved further from April’s 44-month low, buoyed by hopes for market stability and easing trade tensions.