FX.co ★ Vietnam Manufacturing Shrinks the Most in 11 Months

The S&P Global Vietnam Manufacturing PMI dropped to 45.6 in April 2025, descending from March’s seven-month peak of 50.5. This indicated the third downturn in manufacturing activity since the start of 2024, spurred by declines in production, incoming orders, and workforce numbers. After witnessing growth in the previous month, new orders saw the most significant reduction since May 2023, influenced primarily by the imposition of U.S. tariffs and volatile international market conditions. Foreign orders fell as well, marking a continued six-month decline in international business, with the steepest decrease recorded since June 2023.