Both supply and demand in the economy are showing more positive signals than before, suggesting that economic growth will continue in the coming quarters. However, what challenges are on the horizon? Positive signals from both supply and demand The Purchasing Managers’ Index (PMI) of Vietnam’s manufacturing sector has reached 54.7 points for the second consecutive month, reflecting an impressive recovery in domestic manufacturing conditions. With new orders continuing to increase sharply for the fourth consecutive month, manufacturers also ramped up production significantly in July 2024, marking the second-fastest growth recorded after March 2011, the first month of data collection. After spending 10 out of 12 months below the neutral 50-point mark in 2023, including hitting a low of 45.3 points in May 2023, Vietnam’s manufacturing PMI was above 50 points for six of the first seven months of 2024. This trend has boosted optimism about a better period of economic growth, contributing to higher business confidence in the foreseeable future. According to the General Statistics Office (GSO), the Index of Industrial Production (IIP) in the first seven months of this year picked up by 8.5% against the same period in 2023, reversing the 0.8% decline of the first seven months […]
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