External demand has weakened amid rising inflation, tightening monetary conditions and slowing economic growth. Like Vietnam, other export-oriented countries like China, Mexico and Taiwan experienced similar decline in exports and new orders. Vietnam's Manufacturing Purchasing Manager Index (PMI) fell to 47.7 in March 2023; below 50 mark for the second time within the first quarter. This signals further weakness in new business and export orders and manufacturing outputs in the coming month
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