FX.co ★ Vietnam Manufacturing Growth Slightly Eases

In December 2025, the S&P Global Vietnam Manufacturing PMI slightly declined to 53.0 from 53.8 in November, indicating a moderated growth momentum. This marked the eighth consecutive month of output expansion, driven by sustained growth in new orders. However, the rate of growth in both production and new business decelerated compared to November, partly due to ongoing supply chain interruptions caused by recent storms and flooding. Employment saw an uptick as companies boosted staffing levels to enhance output and address work backlogs. On the pricing side, input costs surged at their most rapid rate since June 2022, amid material shortages and unfavorable exchange rate fluctuations. Consequently, output prices rose substantially as manufacturers passed these increased costs onto consumers. Business sentiment improved further, reaching its highest point since March 2024, bolstered by expectations of stronger demand, better weather conditions, and augmented production capacity.