(VOV) - Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) dropped to 43.6 points in July from 46.6 in June, the lowest level since the first PMI survey was conducted in April 2011.
Vietnam’s manufacturing index declines in June
HSBC announces new manufacturing index in Vietnam
The figure was announced in a recent report, jointly conducted by the Hongkong and Shanghai Banking Corporation (HSBC) and the Markit Economics Company.
The July index showed a slowdown to less than 50 points for four consecutive months due to a sharp reduction in both goods orders and purchasing volume.
HSBC attributed the decline to current economic difficulties and low consumer expenditure.
Exports to China and European markets saw a decrease in the past month, forcing local producers to scale down production, reduce material imports and reduce their staff.
At present, local businesses are offering promotions to increase sales and lower inventory level.