Sunday, 17 Dec 2017

Vietnam's manufacturing sector increase ranks second in ASEAN region

Updated at Tuesday, 10 Jan 2017, 10:56
The Hanoitimes - According to the latest data released by Nikkei market, the Vietnam`s performance indicator of the manufacturing sector came the second place at 52.4 and Thailand took third place at 50.6 among ASEAN countries in December last year.
The Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI), a composite performance indicator of the manufacturing sector, posted 52.4 in December, down from November’s 54 but remaining a signal solid monthly improvement in the sector’s health.
According to the latest PMI data released by Nikkei market, in December, among ASEAN countries, the Philippines ranked the first place at 55.7; the second place belonged to Vietnam at 52.4; and Thailand took third place at 50.6. Myanmar posted 49.4, Indonesia was at 49, Malaysia at 47.1 and Singapore at 43.3.
The Nikkei Vietnam Manufacturing PMI is based on data compiled from monthly responses to questionnaires sent to purchasing executives in around 400 industrial companies. The panel is stratified by GDP and size of company workforce.
Photo for illustration
Photo for illustration
The manufacturing sector is divided into eight broad categories: basic metals, chemicals and plastics, electrical and optical, food and drink, mechanical engineering, textiles and clothing, timber and paper, and transport.
Vietnam’s PMI recorded a solid rise because business conditions improved on the back of rises in new orders, output and employment. The rate of expansion in purchasing activity was important among efforts to build inventory reserves. Input costs continued to grow strongly, and firms responded by increasing charges at one of the fastest rates in the past five-and-a-half years.
Mr. Andrew Harker from IHS Markit, which compiles the survey, said that solid growth in the final month of 2016 completed a generally positive year for the Vietnamese manufacturing sector.
Local enterpeises continue to be able to secure new work, and the joint-record rise in new export business is a highlight in the latest survey, and the sector seems to be a good signal coming to 2017, he added.
IHS Markit forecasts Vietnam's GDP will increase by 6.3 percent in 2017, according to Andrew Harker.
On the whole, however, the ASEAN manufacturing sector ended 2016 on a weaker note, with business conditions in the region worsening in December at the quickest rate in 13 months, the survey pointed out.
At 49.1, down from 49.4 in November, the Nikkei ASEAN Manufacturing PMI signalled the sector’s deteriorating health for the third month in a row. The December survey data also showed a disappointing fourth quarter for ASEAN manufacturing companies.
Translated by Thu Minh
Source: Tri thuc tre
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