Vietnam manufacturing still contracts in December 2023

HCMC – Vietnam’s manufacturing industry continued to contract in December last year, with the S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) staying at 48.9. The average PMI reading for the year was at its lowest since the Covid-19 outbreak in 2020. “The final month of the year was indicative of the picture for much of 2023 in the Vietnamese manufacturing sector, with subdued demand limiting production volumes. The S&P Global Vietnam Manufacturing PMI is a monthly index that measures the performance of the Vietnamese manufacturing sector. It is compiled from responses to questionnaires sent to purchasing managers at some 400 Vietnamese manufacturing companies.