Vietnam’s manufacturing sector experienced a notable slowdown in August 2024, according to the latest data from S&P Global. The Vietnam Manufacturing Purchasing Managers' Index (PMI) took a hit, dropping from 54.7 in July to 52.4 in August. The latest figures, released on September 4, 2024, reflect a cooling off in the sector's growth momentum.
The PMI, a critical indicator of manufacturing performance, showed that while the sector is still expanding, it is doing so at a much slower pace compared to the previous month. A PMI reading above 50 indicates expansion, but the drop from July’s 54.7 to August’s 52.4 highlights that the pace of growth is decelerating.
Analysts will be closely watching the upcoming months to see if this trend continues and how it might impact Vietnam's economic outlook. The manufacturing sector has been a significant driver of the country's economic growth, and any sustained slowdown could have wider implications.
