Manufacturing growth hits 13-month high
News Type: Marketing News
Source: vnexpress / Photo: AFP/Hoang Dinh Nam
Manufacturing growth accelerated last month as the recovery from Covid-19 continued apace.
The purchasing managers’ index (PMI) rose to 54.7 in May from 51.7 in April, the latest survey from S&P Global showed on Wednesday.
The growth rate was the fastest since April 2021.
There was a sharp increase in output and new orders were recorded while firms increased their purchasing activity and employment.
Business conditions strengthened the most in over a year.
"Vietnamese manufacturers are increasingly able to operate normally as pandemic disruption fades, with May seeing sharp accelerations in growth of output and new orders, in turn boosting employment and purchasing," Andrew Harker, economics director at S&P Global, said.
"There is also growing confidence that firms won't have to contend with Covid-19 issues going forward."
The sustained growth of new orders meant firms continued to hire, driving employment up for the second month running.