Vietnam Manufacturing Growth Holds Steady in September

The S&P Global Vietnam Manufacturing PMI stayed at 50.4 in September 2025, signaling another slight improvement in operating conditions and extending the current growth run to three months. The stabilization was supported by a renewed rise in new orders after slipping in August, while export demand showed tentative signs of recovery as steadier US tariff policies helped some firms secure business abroad. Output expanded for the fifth month, though growth eased to its weakest since June as backlogs fell sharply. Employment continued to decline for the twelfth month, with firms holding off on replacements. Cost pressures rose further, with input prices climbing at the fastest pace since July 2024, prompting the steepest increase in selling prices in 14 months. Still, purchasing activity rose for a third month, though stocks of inputs and finished goods declined. Firms remained optimistic on stronger demand and public investment, but sentiment eased from August and stayed below average.