Vietnam's factory activity increased in March after falling in the previous month, and the manufacturing purchasing managers' index hit the highest level in twenty-three months, data from a survey by Markit Economics showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector rose to 50.8 in March from 48.3 in February, hitting the highest level in 23 months. The reading, however, signaled only moderate increase in activity. A figure above 50 indicates expansion in the sector, while one below signals contraction.
The volume of new orders received by goods producers rebounded in March, with new export business rising for the first time in 11 months amid improved demand from clients in China, Japan and Thailand.
Reflection the recovery of new business, manufacturing production returned to growth during the month. At the same time, firms increased their staffing levels for the fifth time in the past six months.
Input price inflation faced by manufacturers accelerated at the fastest pace in six months in March, even as prices on international commodity markets increased. There was a marked increase in output prices too, as manufacturers passed the additional cost burden on to clients.
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