Menu

vietnam

car manufacturing

Vietnam suffering contraction in manufacturing amid lower demand

,

Vietnam’s manufacturing sector experienced a sharper reduction in output and new orders both domestically and abroad at the end of 2022.

This is according to a report released on Tuesday by S&P Global Market Intelligence.

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) dropped to 46.4 in December from 47.4 in November, posting below the 50.0 no-change mark for the second month running.

According to the report,  the latest decline is the most marked since the pandemic-related downturn seen in the third quarter of 2021.

New orders were down “solidly’’ in December, falling for the second consecutive month and more sharply than in November.

Generally, weak demand conditions were highlighted, with a number of key export markets mentioned as sources of weakness.

Manufacturers responded to lower new orders by scaling back production, also for the second month, it said.

Andrew Harker, economics director at S&P Global Market Intelligence, said securing new work was likely to remain difficult until there is a pick-up in key export markets.

Also, a number of firms indicated that they expected demand to remain subdued in the near term at least.

“Manufacturers have responded quickly to the downturn in new orders, with the latest PMI data showing sharper reductions in output, employment and purchasing activity, as well as price cuts to stimulate demand,’’ he said.

After haven dropped to a 14-month low in November 2022, confidence in the year-ahead outlook for production remained relatively muted in December despite the slight improvement, the report said.

Some panellists were concerned that challenging market conditions would persist during 2023.

On the other hand, a number of respondents expressed optimism that demand would recover, leading to the growth of new orders and output, it added.

A PMI reading above 50 indicates an expansion of the manufacturing sector, below 50 a contraction, while 50 indicates no change.

Agriculture

Nigeria, Vietnam to benefit from agriculture, technology

, , , 0

Nigeria and Vietnam would benefit from effective collaboration in exploring the opportunities existing in agriculture and technology.

Vice President Prof. Yemi Osinbajo made this assertion on Monday at the Presidential Villa during a courtesy visit by the Ambassador of the Socialist Republic of Vietnam to Nigeria, Luong Quoe.

“There are specific areas where we have talked about in the past, agriculture is one. There was also talk about cashew processing and rice growing and rice processing where Vietnam has shown great innovation and great success.  We think that these are areas where we certainly can do a lot more with cooperation.”

The Vice President also noted that other areas of collaboration between Nigeria and Vietnam would be in the interaction of young people actively engaged within the technology space in both countries.

“I know that Vietnam is doing interesting things in technology and telecoms sectors.  I think that we should look for opportunities where young people in Nigeria and Vietnam can interact especially in technology and share ideas, innovation, and their different attainments.

“I certainly would like us to explore that possibility, especially in the area of technology with our young people.”

Osinbajo further stated that there was plenty room for cooperation, and one of such ways is being effective in establishing relationships and ensuring the relationships endure if both countries are “able to structure the Bi-national Commission and then also some of the economic collaboration through agriculture and technology.”

The Vice President thanked the Vietnamese Government for the kind donation of medical supplies comprising of Droplet Resistant and Antibacterial Fabric Masks, Medical Face Masks and Real–Time Reverse Transcriptase (RT-PCR) Diagnostic Panel for SARS-COV 2 to the Nigerian Mission in Hanoi, Vietnam, in addition, to the donation of  100,000 high-quality 4-Fly Anti- Bacterial Medical face masks by a Vietnamese Pharmaceutical Company known as ANH THU Pharmaceutical and Medical Equipment Investment Joint Stock Company–PSD Group.

In his remarks, Ambassador Quoe commended Nigeria’s role in Africa “as being enormous” and stated that Vietnam “would always wish to have Nigeria’s support in multilateral forums, most importantly the United Nations.”

He also mentioned that the economic potential between both countries is huge and hopes Nigeria “would soon recognize Vietnam as a country of full market economy and Nigeria and Vietnam would sign an agreement on investment, promotion, and protection.”

The Ambassador added that “there are five to seven thousand Nigerians studying and helping in the development of the economy of Vietnam” and also requested the consideration of direct flights between Nigeria and Vietnam.

Also present at the meeting was the Minister for Foreign Affairs, Mr Geoffrey Onyeama and other top government officials.

download

Vietnam’s auto sales dip in 7 months

0

By Xinhua 

Vietnam’s total automobile sales in the first seven months of this year stood at 131,248 units. 

This indicated a year-on-year plunge of 28 per cent, the Vietnam Automobile Manufacturers Association said on Wednesday. 

Specifically, sales of passenger cars declined 29 per cent to 94,275 units, compared to the same period last year. 

Those of commercial vehicles, such as trucks and buses decreased 23 per cent to 34,821 and those of special-purpose vehicles fell 39 per cent to 2,152. 

Sales of domestically assembled automobiles decreased 22 per cent while those of imported ones stumbled 36 per cent, said the association. 

In July alone, 24,065 automobiles were sold in the Vietnamese market, up 0.3 per cent against June this year, in which sales of passenger cars went up 0.1 per cent to 17,593 units. 

Those of commercial vehicles such as trucks and buses up 0.4 per cent to 6,133, and those of special-purpose vehicles up 10 per cent to 339. 

In the first seven months of this year, Vietnam spent over $2.9 billion on importing completely-built automobiles and components for assembly, posting a year-on-year decrease of 32.6 per cent, according to the country’s Ministry of Industry and Trade.