Vietnam PMI February 2026: Output growth accelerates to 19-month high in February

Demand improvements support sharper rises in output and new orders.
Business confidence at 41-month high.
Input cost inflation steepest since June 2022.

Cimigo Vietnam market research has collected the Vietnam PMI – manufacturing purchasing managers index since 2013. S&P Global compiles the Vietnam PMI S&P Global from responses to monthly questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

Vietnam PMI findings

The Vietnamese manufacturing sector saw improved growth momentum during February. Production increased at the fastest pace in over a year-and-a-half amid a sharper increase in new orders. Stronger rises in both employment and purchasing activity were also recorded, while business confidence hit a 41-month high.

Improved demand for inputs led suppliers to hike their charges, resulting in a sharp increase in manufacturers’ input costs. In turn, selling price inflation remained marked. Meanwhile, suppliers’ delivery times lengthened amid some reports of customs delays for imported items.

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index™ (PMI®) rose to 54.3 in February, up from 52.5 in January and reaching a four-month high. The PMI signalled a solid monthly improvement in the health of the sector, extending the current sequence of strengthening business conditions to eight months.

Manufacturing production increased rapidly in February, with the rate of expansion quickening to a 19-month high. Panellists reported that the preparation of products ahead of delivery to clients and stronger customer demand were behind the latest rise in output.

The ramping up of production helped lead to the smallest reduction in stocks of finished goods in just over two years. That said, post-production inventories still decreased slightly as products were shipped to customers. An improved demand scenario also contributed to a marked increase in new orders. New business rose for the sixth successive month, and at the fastest pace since last October.

The expansion in total new orders was recorded despite new export business remaining unchanged from the previous month, with some respondents noting instability in international markets. Nonetheless, the rise in total new orders and associated increase in production requirements led to sharper expansions in both employment and purchasing activity midway through the opening quarter of 2026.

Vietnam PMI February Trend

Staffing levels rose for the fifth month running, and at a solid pace that was the fastest since September 2022. That said, a number of respondents noted that additional workers had only been hired on a temporary basis. Extra capacity helped firms to reduce backlogs of work solidly during the month.

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Meanwhile, the latest increase in input buying was the second-sharpest for a year-and-a-half (behind December 2025 data). In turn, stocks of purchases increased following a fall in January, although the accumulation was only fractional. Suppliers’ delivery times lengthened modestly again in February, with some respondents indicating that they faced customs delays when importing goods.

Stronger demand for inputs meant that suppliers were able to raise their prices during February. As a result, manufacturers’ input costs increased at a sharp pace that was the fastest since June 2022. In addition to higher supplier charges, some firms also noted rising shipping costs.

With operating expenses increasing sharply, manufacturers raised their selling prices accordingly. The rate of inflation was unchanged from the 45-month high seen at the start of 2026. Improving market demand and the prospect of continued new order growth meant that Vietnamese manufacturers were increasingly optimistic that output will rise over the coming year. Moreover, February saw business confidence strengthen for the fifth consecutive month to the highest since September 2022.

The S&P Global Vietnam Manufacturing PMI® is compiled by S&P Global from responses to monthly questionnaires sent to purchasing managers in a panel of around 400 manufacturers. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP.

Survey responses are collected by Cimigo Vietnam in the second half of each month and indicate the direction of change compared to the previous month. A diffusion index is calculated for each survey variable. The index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘unchanged’ responses.

The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted.

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