<p>河内——根据最新的 S&amp;P Global 调查，制造商在四月份的新订单出现下降，因为通货膨胀压力在燃料和石油成本上升的情况下达到了 15 年来的最高水平。</p>
<p>调查显示，越南制造业采购经理人指数（PMI）在四月份降至 50.5，创七个月新低，低于三月份的 51.2。该读数标志着该行业整体商业状况连续第十个月改善，但改善幅度仅为微弱。</p>
<p>四月份，持续的产出增长帮助保持了总体指数的正值。生产连续第十二个月增长，反映了现有项目的工作和强劲的潜在需求。然而，扩张速度是自 2025 年 6 月以来最慢的，原因是通货膨胀压力上升、供应短缺以及中东冲突导致的市场不稳定。</p>
<p>尽管产出持续上升，但调查的其他要素在四月份描绘了制造业状况的更为悲观的图景。</p>
<p>新订单在八个月内首次下降，因为价格上涨影响了企业获得新订单的能力。</p>
<p>新出口订单的影响更为明显，受到运输成本上升的影响。来自国外的新业务连续第二个月显著下降。</p>
<p>四月份普遍报告了燃料和石油成本上升，同时也提到了运输费用的增加。因此，投入成本迅速上升，通货膨胀率进一步加速，达到了 15 年来的最高水平。超过一半的受访者在本月表示投入价格上涨。</p>
<p>反过来，产出收费也大幅上调。在这里，通货膨胀率也是自 2011 年 4 月以来最快的。</p>
<p>随着新订单的减少，制造商降低了员工容量，包括减少员工人数和削减工作时间。一些公司还报告了员工辞职的情况。</p>
<p>员工人数连续第二个月显著减少。</p>
<p>在三月份略有上升后，四月份的工作积压在五个月内第四次下降，且降幅为自去年九月以来最快。</p>
<p>企业在第二季度开始时也减少了采购和库存持有。</p>
<p>由于新订单减少，投入采购下降，但一些制造商提前采购以试图缓解价格和供应问题，导致下降幅度仅为轻微，且弱于三月份的情况。</p>
<p>然而，采购和成品库存的消耗速度加快。</p>
<p>运输成本和可用性的问题，以及原材料短缺，导致四月份供应商交货时间显著延长。此外，供应商的表现降至四年半以来的最低水平。</p>
<p>对中东冲突影响的担忧导致越南制造商的乐观情绪进一步减弱。情绪降至七个月低点，低于系列平均水平。</p>
<p>尽管如此，企业仍然预测未来一年产出将增加，这与对新订单恢复和市场环境更加稳定的希望相关。</p>
<p>S&amp;P Global Market Intelligence 的经济总监 Andrew Harker 表示：“来自中东战争的价格和供应中断继续对越南制造业的增长施加压力，燃料、石油和运输成本的上升阻碍了需求和供应。</p>
<p>“尽管在最新的调查期间产出继续上升，但扩张速度减缓，随着新订单下降至收缩，似乎在未来几个月产出也将随之下降，除非价格和供应环境尽快改善。”——BIZHUB/VNS</p>

VNAM

越南 ETF - VanEck Vectors

<p>越南制造商在四月份经历了新订单的下降，制造业采购经理人指数（PMI）降至 50.5，为七个月来的最低水平。这一下降归因于通货膨胀压力，特别是燃料和石油成本的上升，已达到 15 年来的最高水平。尽管生产连续第十二个月增长，但扩张速度显著放缓。新的出口订单也有所减少，企业因需求下降而减少了员工人数。对中东冲突的担忧进一步抑制了制造商的乐观情绪，尽管仍有一些人预计未来的产出增长</p>

<p>HÀ NỘI — Manufacturers recorded a drop in new orders in April as inflationary pressures hit 15-year highs amid increased costs for fuel and oil in particular, according to the latest S&amp;P Global’s survey.</p>
<div class="lb-trans"><p>河内——根据最新的 S&amp;P Global 调查，制造商在四月份的新订单出现下降，因为通货膨胀压力在燃料和石油成本上升的情况下达到了 15 年来的最高水平。</p>
</div><p>The survey shows that Vietnam Manufacturing Purchasing Managers' Index (PMI) dropped to a seven-month low of 50.5 in April, down from 51.2 in March. The reading signalled a tenth consecutive monthly improvement in overall business conditions in the sector, but one that was only marginal.</p>
<div class="lb-trans"><p>调查显示，越南制造业采购经理人指数（PMI）在四月份降至 50.5，创七个月新低，低于三月份的 51.2。该读数标志着该行业整体商业状况连续第十个月改善，但改善幅度仅为微弱。</p>
</div><p>Helping to keep the headline index in positive territory in April was sustained output growth. Production increased for the twelfth month running, reflecting work on existing projects and resilient underlying demand. The rate of expansion was the slowest since June 2025, however, amid rising inflationary pressures, supply shortages and market instability due to the conflict in the Middle East.</p>
<div class="lb-trans"><p>四月份，持续的产出增长帮助保持了总体指数的正值。生产连续第十二个月增长，反映了现有项目的工作和强劲的潜在需求。然而，扩张速度是自 2025 年 6 月以来最慢的，原因是通货膨胀压力上升、供应短缺以及中东冲突导致的市场不稳定。</p>
</div><p>While output continued to rise, other elements of the survey painted a more downbeat picture of conditions in the manufacturing sector during April.</p>
<div class="lb-trans"><p>尽管产出持续上升，但调查的其他要素在四月份描绘了制造业状况的更为悲观的图景。</p>
</div><p>New orders decreased for the first time in eight months as price increases affected the ability of firms to secure new orders.</p>
<div class="lb-trans"><p>新订单在八个月内首次下降，因为价格上涨影响了企业获得新订单的能力。</p>
</div><p>The effects were even more pronounced on new export orders, which were also impacted by higher transportation costs. New business from abroad fell markedly for the second month running.</p>
<div class="lb-trans"><p>新出口订单的影响更为明显，受到运输成本上升的影响。来自国外的新业务连续第二个月显著下降。</p>
</div><p>There were widespread reports of rising fuel and oil costs during April, with higher transportation rates also mentioned. As a result, input costs increased rapidly, with the rate of inflation accelerating further to the fastest in 15 years. More than half of respondents signalled a rise in input prices during the month.</p>
<div class="lb-trans"><p>四月份普遍报告了燃料和石油成本上升，同时也提到了运输费用的增加。因此，投入成本迅速上升，通货膨胀率进一步加速，达到了 15 年来的最高水平。超过一半的受访者在本月表示投入价格上涨。</p>
</div><p>In turn, output charges were also increased sharply. Here too the rate of inflation was the fastest since April 2011.</p>
<div class="lb-trans"><p>反过来，产出收费也大幅上调。在这里，通货膨胀率也是自 2011 年 4 月以来最快的。</p>
</div><p>With new orders falling, manufacturers lowered their staffing capacity, both via reduced headcounts and a cut in working hours. Some firms also reported employee resignations.</p>
<div class="lb-trans"><p>随着新订单的减少，制造商降低了员工容量，包括减少员工人数和削减工作时间。一些公司还报告了员工辞职的情况。</p>
</div><p>Staffing levels decreased solidly for the second consecutive month.</p>
<div class="lb-trans"><p>员工人数连续第二个月显著减少。</p>
</div><p>After having risen slightly in March, backlogs of work fell for the fourth time in five months during April, and at the fastest pace since last September.</p>
<div class="lb-trans"><p>在三月份略有上升后，四月份的工作积压在五个月内第四次下降，且降幅为自去年九月以来最快。</p>
</div><p>Firms also cut back on purchasing and inventory holdings at the start of the second quarter.</p>
<div class="lb-trans"><p>企业在第二季度开始时也减少了采购和库存持有。</p>
</div><p>Input buying decreased in response to lower new orders, but advanced purchasing at some manufacturers to try to mitigate price and supply issues meant that the rate of decline was only slight and weaker than seen in March.</p>
<div class="lb-trans"><p>由于新订单减少，投入采购下降，但一些制造商提前采购以试图缓解价格和供应问题，导致下降幅度仅为轻微，且弱于三月份的情况。</p>
</div><p>Rates of depletion in stocks of both purchases and finished goods intensified, however.</p>
<div class="lb-trans"><p>然而，采购和成品库存的消耗速度加快。</p>
</div><p>Issues with the cost and availability of shipping, as well as raw material shortages, led to a substantial lengthening of suppliers' delivery times during April. Moreover, supplier performance deteriorated to the largest extent in four-and-a-half years.</p>
<div class="lb-trans"><p>运输成本和可用性的问题，以及原材料短缺，导致四月份供应商交货时间显著延长。此外，供应商的表现降至四年半以来的最低水平。</p>
</div><p>Concerns around the impacts of the conflict in the Middle East led to a further waning of optimism among Vietnamese manufacturers. Sentiment dipped to a seven-month low and was weaker than the series average.</p>
<div class="lb-trans"><p>对中东冲突影响的担忧导致越南制造商的乐观情绪进一步减弱。情绪降至七个月低点，低于系列平均水平。</p>
</div><p>Nonetheless, firms continued to predict an increase in output over the coming year, linked to hopes of a recovery in new orders and more stable market environment.</p>
<div class="lb-trans"><p>尽管如此，企业仍然预测未来一年产出将增加，这与对新订单恢复和市场环境更加稳定的希望相关。</p>
</div><p>Andrew Harker, Economics Director at S&amp;P Global Market Intelligence said: &#34;The price and supply disruptions emanating from the war in the Middle East continued to bear down on growth in the Vietnamese manufacturing sector in April, with rising costs for fuel, oil and transportation hampering both demand and supply.</p>
<div class="lb-trans"><p>S&amp;P Global Market Intelligence 的经济总监 Andrew Harker 表示：“来自中东战争的价格和供应中断继续对越南制造业的增长施加压力，燃料、石油和运输成本的上升阻碍了需求和供应。</p>
</div><p>&#34;Although output continued to rise in the latest survey period, the rate of expansion slowed to a crawl, and with new orders falling into contraction, it seems likely that output will follow suit in the months ahead unless the price and supply environments improve soon.&#34; — BIZHUB/VNS</p>
<div class="lb-trans"><p>“尽管在最新的调查期间产出继续上升，但扩张速度减缓，随着新订单下降至收缩，似乎在未来几个月产出也将随之下降，除非价格和供应环境尽快改善。”——BIZHUB/VNS</p>
</div>

由于成本上升，新制造订单减少