•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
The S&P Global PMI for Vietnam’s manufacturing sector fell to a seven-month low of 50.5 in April, down from 51.2 in March. The reading points to overall business conditions improving for the tenth consecutive month, but only marginally.
Vietnamese manufacturers reported a decline in new orders in April, marking the first drop in eight months. The deterioration was linked to inflationary pressures reaching a 15-year high, particularly driven by higher fuel and oil costs.
With new orders falling, firms reduced hiring, purchasing activity and stock levels. Business sentiment also weakened, falling to the lowest level since September last year.
Despite weaker demand, output continued to rise for the 12th consecutive month. However, the pace of growth slowed to the weakest in ten months, the slowest since June 2025, as rising inflation pressures, tighter supply and market volatility related to the Middle East conflict weighed on activity.
New export orders declined notably for the second consecutive month. Higher prices and transport costs reduced the ability to secure new orders, with the export orders sub-index also affected by increased transport expenses.
April saw numerous reports of higher fuel and oil costs, alongside higher transport costs. As a result, input prices rose sharply, and the rate of input price inflation accelerated to the fastest in 15 years. More than half of respondents reported input price increases in April.
To offset this, output prices also rose sharply. The rate of price inflation was the strongest since April 2011.
As new orders declined, manufacturers cut back on staff, reducing headcount and working hours. The number of employees fell for the second consecutive month.
Backlogs of work fell in April after a modest rise in March, with the pace of backlog depletion the fastest since September last year.
Companies also reduced purchasing and inventories at the start of Q2. Purchasing activity fell due to lower new orders, though some producers built pre-emptive stock to mitigate price and supply pressures, keeping the rate of purchases decline lighter than in March.
However, the rate of decline in both input and finished goods inventories accelerated. Cost pressures, supply-chain constraints and material shortages contributed to longer supplier delivery times in April.
Supplier performance weakened to the greatest extent in four and a half years, while concerns about the Middle East conflict continued to dampen sentiment among Vietnamese manufacturers.
Business expectations weakened to the lowest in seven months and below the index’s historical average. Even so, firms continued to expect output to rise next year, supported by expectations of a rebound in new orders and a more stable market environment.
Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “Price pressures and supply disruptions from the Middle East conflict continue to weigh on growth in Vietnam's manufacturing sector in April, as increases in fuel, oil and transport costs exert pressure on both demand and supply. While output continued to rise in this survey period, the rate of growth slowed to the lowest since June 2025, and with new orders slipping into contractionary territory, output is likely to fall in the coming months unless price and supply conditions improve soon.”
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
