Vietnam PMI August 2026: Manufacturing production rises at fastest pace in just over two years

Rates of expansion in output and new orders quicken.
Price and supply pressures soften.
Renewed fall in employment.

Cimigo Vietnam market research has collected the Vietnam PMI – manufacturing purchasing managers index since 2013. S&P Global compiles the Vietnam PMI S&P Global from responses to monthly questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

Vietnam PMI findings

Growth in the Vietnamese manufacturing sector continued to strengthen midway through the third quarter of the year. Output and new orders both rose sharply on the back of new product development and improving customer demand. Meanwhile, inflationary pressures softened further. Less positive was a renewed fall in employment in the sector, while confidence in the year-ahead outlook ticked lower.

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index™ (PMI®) posted 53.3 in August, up from 52.9 in July and above the 50.0 no-change mark for the fourteenth consecutive month. The latest strengthening of business conditions in the sector was solid and the most pronounced since February.

Anecdotal evidence linked growth in August to a range of factors, including the development and release of new products, better material availability and softer price pressures. These contributed to marked increases in both new orders and manufacturing production during the month. Output rose for the sixteenth consecutive month, and at a rapid pace that was the fastest in just over two years.

Likewise, the pace of expansion in new orders also quickened and was the sharpest since last October. The increase in overall new business seen in August was recorded in spite of a renewed fall in new export orders amid ongoing geopolitical instability. The drop in new business from abroad was the first in four months, but only marginal.

Manufacturers also recorded a renewed reduction in employment, the fifth time in the past six months in which staffing levels have fallen. Panellists reported resignations and retirements, as well as the scaling back of the use of temporary labour. Employment was reduced despite further signs of pressure on capacity as backlogs of work rose for the second month running in line with a sharp increase in new orders.

Vietnam PMI August Trend

Higher output requirements did encourage manufacturers to expand their purchasing activity again in August. The rate of growth was strong, but eased to a three-month low. Purchased items were often used to support production, and this meant that stocks of purchases continued to fall despite the expansion in input buying. The latest reduction in preproduction inventories was the least marked in five months.

Stocks of finished goods also fell in August as products were shipped to customers. The latest reduction was solid and the fastest since April. Although suppliers’ delivery times continued to lengthen, transportation issues were less pronounced midway through the third quarter, meaning that the latest lengthening of lead times was only marginal and the joint-weakest in two years of continuously worsening vendor performance (equal with April 2025).

Higher oil prices continued to feed through to increases in costs of derived products such as fuel, plastics and shipping. That said, the rate of input cost inflation eased to an 11-month low and was slightly weaker than the series average. Selling prices also increased at a slower pace, with the rate of inflation softening for the fourth consecutive month.

New products, improved capacity and stronger client demand supported confidence among manufacturers that output will increase further over the coming year. Confidence eased slightly from July, however, and was some way below that seen prior to the outbreak of war in the Middle East.

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The S&P Global Vietnam Manufacturing PMI® is compiled by S&P Global from responses to monthly questionnaires sent to purchasing managers in a panel of around 400 manufacturers. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP.

Survey responses are collected by Cimigo Vietnam in the second half of each month and indicate the direction of change compared to the previous month. A diffusion index is calculated for each survey variable. The index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘unchanged’ responses.

The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted.

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