TOKYO -- The Nikkei Vietnam Manufacturing Purchasing Managers' Index, or PMI, fell to 54.9 in July from 55.7 in June, but still one of the highest since the survey began in March 2011. Business conditions have now strengthened in each of the past 32 months.
A reading above 50 signals an improvement, while one below 50 points to a contraction in manufacturing activity.
The main highlight from the latest survey was a rebound in the pace of growth in new export orders to a near-record high. Responding to higher workloads, manufacturers increased their staffing levels and purchasing activity markedly again.
“The Vietnam manufacturing PMI remained elevated in July as the sector continued to grow strongly,” commented Andrew Harker, Associate Director at IHS Markit which compiles the survey. “Confidence in the future was illustrated by efforts by firms to build inventory reserves in order to prepare for further production growth and further solid hiring.”
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