AsemconnectVietnam - According to the latest report from S&P Global, Vietnam's manufacturing PMI continued its positive growth in February, a trend maintained since January of 2026.

Specifically, S&P Global's Vietnam Manufacturing Purchasing Managers' Index (PMI®) rose to 54.3 points in February (compared to 52.5 points in January), reaching its highest level in four months. This figure indicates a significant monthly improvement in the health of the industry, extending the streak of improving business conditions to eight consecutive months.
Further analysis of the survey indicators showed that Vietnam's manufacturing output increased rapidly in February, recording the highest growth rate in the past 19 months. Survey respondents indicated that increased product preparation before delivery to customers and rising customer demand were the reasons for the recent increase in production.
The boost in production also meant that finished goods inventories fell to their lowest level in two years.
The improved demand also contributed significantly to the increase in new orders. The survey results showed that the number of new orders increased for the sixth consecutive month, reaching the fastest growth rate since October of last year. In addition, although the number of new export orders remained unchanged from the previous month, the total number of new orders still increased.
The increase in total new orders, coupled with increased production demand, led to a stronger increase in both employment and purchasing activity in the middle of the first quarter of 2026. The number of employees increased for the fifth consecutive month, at the steady and fastest rate since September of 2022. The purchasing power for raw materials also recorded a significant increase (second only to the data recorded in December of 2025). Increased input demand allowed suppliers to raise prices in February. As a natural consequence, manufacturers' input costs increased sharply, at the fastest rate since June of 2022. In addition to higher supplier prices, some companies also reported increased transportation costs.
Due to sharply rising operating costs, manufacturers increased their selling prices accordingly. However, the rate of price increase remained unchanged from the 45-month high recorded at the beginning of 2026.
Overall, improved market demand and the prospect of continued growth in new orders have made Vietnamese manufacturers increasingly optimistic; production is expected to increase this year. In fact, business confidence in February recorded an increase for the fifth consecutive month, reaching its highest level since September 2022.
Andrew Harker, Director of Economics at S&P Global Market Intelligence, commented that Vietnam's manufacturing sector was able to continue the growth momentum achieved in January and even achieve stronger results in February. Companies have had a positive start to 2026 and they are at their most confident about the future in almost 3.5 years.
According to Andrew Harker, most of the key variables in the survey showed stronger growth, including output, new orders, employment, and purchasing activity. However, the downside is that the overall export situation remains sluggish, with the number of new orders from abroad unchanged since January.
"The strong demand has led to increased upward pressure on prices, both in terms of business costs and the prices they charge customers. We need to closely monitor the data in the coming months to see if the price increases begin to constrain demand," analyzed Andrew Harker.
CK
Source: VITIC/congthuong.vn