The HSBC anticipated on May 5 that Vietnam’s manufacturing output will continue to expand in the following months as the Purchasing Managers' Index (PMI) in the country surged to a nine-month high.
Hanoi (VNA) – 🧜The Hong Kong- Shanghai Banking Cooperation (HSBC) anticipated on May 5 that Vietnam’s manufacturing output will continue to expand in the following months as the Purchasing Managers' Index (PMI) in the country surged to a nine-month high, despite a gloomy scenario in the region.
The Nikkei PMI soared from 50.7 in March to 52.3 in April, which showed a sign of recovery in the second quarter of this year.
Productivity and new export orders also continued to climb in April. Higher recruitment levels reflected a brighter business prospect.
The bank also acknowledged that the possibility of Vietnam’s production recovering presents the country’s success in market expansion in the context of the global trade downturn.
It noted the remarkable outcome came mainly from foreign direct investment (FDI), which has continued to flow to the country in 2016. The Republic of Korea remains Vietnam’s largest investor with registered capital hitting 2.5 billion USD in April.
With numerous manufacturing plants to begin operating this year, the bank expects FDI will help Vietnam’s exports increase over 10 percent against the same period last year.-VNA
The October Purchasing Managers Index rose to 50.1, just above the waterline of 50 and up from the previous month's 49.5, but at that level the manufacturing momentum remains sluggish.
The Vietnamese Purchasing Managers' Index (PMI) increased to 51.5 in January from 51.3 in the previous month, according to a Nikkei report released on February 1.
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HSBC attributed the resilience of Vietnam’s manufacturing sector to the country’s rising attractiveness as a manufacturing hub, which helped reel in record FDI in 2015 and should boost exports in 2016
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Illustrative image (Source:VNA)
