Vietnam final September HSBC PMI improves on order rebound

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Men work with an engine at automaker Ford Vietnam's factory in Vietnam's northern Hai Duong Province on June 27, 2014. Photo: Reuters Men work with an engine at automaker Ford Vietnam's factory in Vietnam's northern Hai Duong Province on June 27, 2014. Photo: Reuters

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Vietnam's factory sector expanded in September as orders climbed, a private survey showed on Wednesday, signalling a stronger - yet modest - improvement in the operating conditions in the sector.
The final HSBC/Markit Manufacturing Purchasing Managers' Index(PMI) rose to 51.7 in September from 50.3 in the previous month. The 50 mark separates expansion from contraction in activity on a monthly basis.
However, rates of growth in output and employment were only slight following the dip in new business recorded during August.
Meanwhile, the rate of input cost inflation eased for the second month running and was the slowest since June 2013.
“The pick-up of manufacturing activity reflects improving external demand,” an HSBC press release quoted Trinh Nguyen, an economist at HSBC, as saying.

“Given that new orders are stronger than inventories, we expect output to continue to expand next month,” Nguyen said.
Vietnam's economy grew at its fastest rate for three years in the first nine months of 2014, government figures showed Monday.
Gross domestic product (GDP) grew at 5.62 percent between January and September this year, up from 5.14 percent in the first three quarters of 2013 and 4.73 percent over the same period in 2012.
However, the government’s full-year target is 5.8 percent for a seventh year of growth below 7 percent, the longest such stretch according to International Monetary Fund records going back to the 1980s.

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