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Vietnam PMI October 2025 – manufacturing purchasing managers index
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.

The Vietnamese manufacturing sector saw an improvement in growth momentum at the start of the final quarter of 2025. Sharp and accelerated increases in output and new orders were recorded, while employment expanded for the first time in just over a year. A renewed rise in stocks of purchases was also signalled, while business confidence hit a 16-month high.
Meanwhile, inflationary pressures also intensified, with both input costs and output prices increasing at sharper rates than in September.
The S&P Global Vietnam Manufacturing Purchasing Managers’ Index™ (PMI®) rose to 54.5 in October, up markedly from a reading of 50.4 in September and signalling a solid monthly improvement in the health of the sector. In fact, business conditions strengthened to the largest degree since July 2024.
All five of the constituent parts of the headline PMI contributed to the upwards movement in the index in October. New orders increased for the second consecutive month, and at a sharp pace that was much stronger than seen in September.
Moreover, the rate of expansion was the fastest since July 2024 as customer demand improved.
New export orders contributed to growth of overall new business, rising for the first time in a year, albeit only slightly. Manufacturers responded to higher new orders by ramping up production, which increased at the sharpest pace since July 2024. Output has now risen in each of the past six months. As well as seeing sharper growth of production in the latest survey period, firms were also more optimistic regarding the 12-month outlook for output. Business sentiment strengthened to a 16-month high amid confidence that new orders will continue to rise and alongside plans to expand production capacity.
The increase in new orders and associated expansion of output requirements also resulted in a rise in employment in October, the first in just over a year. Manufacturers also expanded their workforce numbers in response to emerging signs of pressure on operating capacity. Backlogs of work increased for the first time in ten months during October, and at a solid pace that was the fastest in just over three-and-a-half years. As well as higher new orders, some firms also linked backlog accumulation to stormy weather conditions.

On a more positive note, firms increased their purchasing activity for the third month running amid higher output requirements. The use of purchased items to support production meant that stocks of inputs continued to fall, however. Stocks of finished goods were also down, and to the largest extent since July 2024.
Suppliers’ delivery times lengthened for the thirteenth month running in September, albeit only modestly and to the smallest degree in four months. Panellists reported goods shortages and issues with transportation.
Inflationary pressures strengthened at the end of the third quarter of the year, with both input costs and output prices rising at sharper rates. The latest increase in input costs was the fastest since July 2024 and linked by respondents to higher market prices and unfavourable exchange rate movements. In turn, selling prices also rose at the fastest pace in 14 months.
A more stable economic environment is expected to help lead to higher new orders and subsequently an increase in output over the coming year. Public sector investment is also predicted to support growth. While firms remained optimistic about the year-ahead outlook, the level of sentiment dropped from August and was weaker than the series average.
Approach
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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