Vietnam: Manufacturing PMI hits record high in May
June 1, 2015
The HSBC manufacturing Purchasing Managers’ Index (PMI) increased from 53.5 in April to 54.8 in May, marking the highest print on record. As a result, the index is now further above the 50-threshold, which separates expansion from contraction in business conditions.
The monthly figure came on the back of an increase in client demand, translating into higher output growth and new orders. HSBC added that, “central to the recent success of firms in Vietnam has been their ability to secure new work in a competitive environment, and the recent 1% devaluation of the dong against the US dollar by the State Bank of Vietnam should help efforts to maintain international competitiveness.”
Author: Robert Hill, Economist