The S&P Global Vietnam Manufacturing PMI eased to 51.9 in September 2026, down from a six-month high of 53.3 in August, and registered its lowest level since June. While the sector remained in expansionary territory, the pace of growth slowed: output increased more modestly, and new orders grew at the weakest rate seen in the current five-month run of expansion.
Employment declined for the second consecutive month, with firms attributing staff reductions to resignations and ongoing restructuring. Meanwhile, supplier delivery times lengthened slightly, reflecting disruptions to international shipping and adverse weather conditions.
On the price front, input cost inflation edged up compared with August, whereas output price inflation decelerated for the fifth month in a row, reaching its softest pace since June 2025.
Despite the moderation in growth, business sentiment strengthened to its highest level since February, supported by expectations of more favorable market conditions and plans to launch new products.
