Macro Update - Production slows on weaker new orders

Production expanded at the slowest pace in 10 months. The overall index of industrial production (IIP) rose 5.3% YoY in November with the IIP of the manufacturing sub-sector growing 4.4% YoY — the slowest monthly YoY increase since January 2022. Meanwhile, S&P Global’s Manufacturing Purchasing Manager Index (PMI) fell to 47.4 in November, ending a 13-month sequence of expansion due to declines in new orders, output, employment and purchasing activity. Weaker new orders could continue to weigh on Vietnam’s production in the coming months.

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