Macro/ Strategy

PMI and IIP showed the same direction

In 6M2025, the PMI and IIP data did not really show the same direction. The IIP continued to record growth while the PMI recorded a low score, reflecting concerns about economic uncertainties. However, in July, both indices recorded positive figures, which represented the bright outlook of the manufacturing sector in Vietnam. The overall IIP recorded an increase of 8.5% YoY in July and an increase of 8.6% in 7M2025. The PMI increased to 52.4 points in July from 48.9 points in the previous month.

“Although tariffs continued to cause reductions in new export orders, firms were able to secure enough business elsewhere that total new orders returned to growth” - Andrew Harker, Economics Director at S&P Global Market Intelligence.  This is what we mentioned in the last month’s report. Vietnam’s domestic manufacturing had been making positive changes.