FX.co ★ Vietnam Manufacturing Growth Moderates

The S&P Global Vietnam Manufacturing PMI slightly decreased to 53.8 in November 2025, down from a fifteen-month peak of 54.5 recorded in the preceding month. Despite this decline, the latest figures still indicate a fifth consecutive month of growth, marking the second-fastest increase in the current period of expansion. Output increased for the seventh consecutive month, driven by a rise in new orders; however, the rate of growth for both output and new business moderated due to adverse weather conditions affecting production activities. These severe weather conditions also caused disruptions in supply chains, impeding manufacturers' ability to fulfill orders on time. Regarding costs, input expenses climbed to their highest point since July 2024, while output prices also remained high as manufacturers passed these increased input costs onto consumers. In terms of business outlook, overall sentiment reached a seventeen-month high, bolstered by expectations of renewed growth in new orders and optimism towards more favorable weather conditions in the upcoming months.