FX.co ★ Vietnam Manufacturing Growth Holds Steady in September

In September 2025, the S&P Global Vietnam Manufacturing PMI remained unchanged at 50.4, indicating a slight yet consistent improvement in operating conditions for the third consecutive month. This stabilization was buoyed by a resurgence in new orders following a dip in August, alongside early signs of a recovery in export demand, aided by more stable U.S. tariff policies that enabled certain firms to secure international contracts. Production levels increased for the fifth consecutive month, although the pace of growth slowed to its lowest since June, primarily due to a significant reduction in backlogs. For the twelfth month in a row, employment levels declined, with companies refraining from hiring replacements. Meanwhile, cost pressures intensified, as input prices rose at the fastest rate since July 2024, leading to the most significant increase in selling prices in 14 months. Despite this, purchasing activity rose for the third month, though stocks of inputs and finished goods saw a decline. Companies retained optimism, driven by expectations of stronger demand and public investment, although overall sentiment weakened from August and remained below the historical average.