Vietnam manufacturing sector fell back into contraction in February after a marginal growth in the previous month, a survey by Markit Economics revealed Friday.
The HSBC manufacturing purchasing managers' index fell to 48.3 in February from 50.1 in January. Readings above 50 indicates expansion of the sector, while readings below 50 suggests contraction.
Markit said that the rate of contraction was the sharpest since August last year. Both production and new orders both declined during the month, reflecting weak client demand.
Incoming new export business fell for the tenth successive month, but the rate of reduction eased to a six-month low, Markit said.
The manufacturing sector reported job losses for the first time in five months as the subdued performance filtered through to the labor market.
Purchasing costs increased for the second successive month. Subsequently, manufacturers adjusted their selling prices higher, causing factory gate prices to rise for the first time in ten months.
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