FX.co ★ Vietnam Manufacturing PMI Growth at 6-Month Low

The S&P Global Vietnam Manufacturing PMI eased to 51.2 in March 2026 from 54.3 in February, signaling a slower yet still positive improvement in operating conditions. However, this was the weakest expansion since last September, as growth in both output and new orders decelerated markedly. Rising costs began to weigh on demand, although some firms reported clients bringing forward purchases to preempt further price hikes.

A key development was the sharp increase in input costs, largely driven by higher oil prices associated with the war in the Middle East. This led to the fastest rise in selling prices in nearly 15 years, which in turn dampened demand and prompted firms to cut back on purchasing activity, ending an eight-month period of expansion. Supplier delivery times also lengthened significantly due to transport disruptions, while employment fell for the first time in six months. Business confidence slipped to a six-month low, though firms still anticipate output growth over the coming year.