Weekly News Bulletin - No. 01, September 2023
Vietnam's manufacturing sector returned to growth in August as some signs of recovery in demand supported renewed increases in both new orders and production, according to the S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI).
The PMI moved back above the 50.0 mark for the first time in six months during August. At 50.5, the index was up from 48.7 in July and pointed to a marginal monthly improvement in business conditions in the sector. Manufacturers recorded a first increase in new orders for six months, while new export business also rose following a five-month sequence of decline. Growth rates were modest, however, amid some reports of ongoing demand fragility.
Work on the Vietnam-Singapore Industrial Park (VSIP) project in Can Tho City, located in Vietnam’s Mekong Delta region, started on Saturday, making it the first VSIP to be built in the delta. VSIP is a joint venture between Becamex IDC Corporation, under the People’s Committee of southern Binh Duong Province, and Sembcorp Development Ltd., a wholly-owned subsidiary of Singapore’s Sembcorp Industries, a leading energy and urban solution provider. Once completed, it will provide employment for around 20,000-30,000 workers.
Last week highlight
On Sunday September 10th, Vietnam and the U.S. announced the establishment of Comprehensive Strategic Partnership for peace, cooperation and sustainable development. The decision was stated in a meeting between General Party Secretary Nguyen Phu Trong and President Joe Biden, who arrived in Hanoi Sunday afternoon for a two-day state visit. Accordingly, economic cooperation has been a focus in the two countries' relations. The U.S. is Vietnam’s largest export market and its second-largest commercial partner. Vietnam is the seventh-largest commercial partner for the U.S.
Let’s look at some other key financial and business headlines during the past week
- Vietnam, Philippines to sign rice pact as global prices soar
- PMI back above 50 mark for first time in six months
- IFC commits nearly $1.9B in Vietnam investment
- India encourages large firms to invest in Vietnam
- What Vietnamese businesses expect from Biden's visit
- Vietnam emerges as prime destination for foreign investment
- Vietnam-Singapore IP project gets off the ground in Vietnam’s Mekong Delta
- Quang Ninh transits from brown to green economy
- Vietnam plays significant role in advancing sustainable global economic growth: IMF
- US President Joe Biden's visit to Vietnam raises expectations among American investors
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Key words: Vietnam, business, finance, economy
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