HANOI, June 1 (Xinhua) -- The growth of the Vietnamese manufacturing sector accelerated during May thanks to recovery from the COVID-19 pandemic, the S&P Global said in a report on Wednesday.
The Manufacturing Purchasing Managers' Index (PMI) increased to 54.7 in May, up from 51.7 in April, signaling a marked monthly improvement in the health of the private sector midway through the second quarter, according to the report.
There were sharp increases in output and new orders while firms increased their purchasing activity and employment, it said.
Manufacturing production continued to recover from the decline induced by the pandemic seen in March, rising for the second month running in May, said the report, noting that the rate of growth was sharp and the fastest since April 2021.
"Vietnamese manufacturers are increasingly able to operate normally as pandemic disruption fades, with May seeing sharp accelerations in the growth of output and new orders, in turn boosting employment and purchasing. There is also growing confidence that firms won't have to contend with COVID-19 issues going forward," Andrew Harker, economics director at S&P Global Market Intelligence, commented on the survey results.
A PMI reading above 50 indicates an expansion of the manufacturing sector, below 50 a contraction, while 50 indicates no change.