<p>河內——根據最新的 S&amp;P Global 調查，製造商在四月份的新訂單出現下降，因為通貨膨脹壓力在燃料和石油成本上升的情況下達到了 15 年來的最高水平。</p>
<p>調查顯示，越南製造業採購經理人指數（PMI）在四月份降至 50.5，創七個月新低，低於三月份的 51.2。該讀數標誌着該行業整體商業狀況連續第十個月改善，但改善幅度僅為微弱。</p>
<p>四月份，持續的產出增長幫助保持了總體指數的正值。生產連續第十二個月增長，反映了現有項目的工作和強勁的潛在需求。然而，擴張速度是自 2025 年 6 月以來最慢的，原因是通貨膨脹壓力上升、供應短缺以及中東衝突導致的市場不穩定。</p>
<p>儘管產出持續上升，但調查的其他要素在四月份描繪了製造業狀況的更為悲觀的圖景。</p>
<p>新訂單在八個月內首次下降，因為價格上漲影響了企業獲得新訂單的能力。</p>
<p>新出口訂單的影響更為明顯，受到運輸成本上升的影響。來自國外的新業務連續第二個月顯著下降。</p>
<p>四月份普遍報告了燃料和石油成本上升，同時也提到了運輸費用的增加。因此，投入成本迅速上升，通貨膨脹率進一步加速，達到了 15 年來的最高水平。超過一半的受訪者在本月表示投入價格上漲。</p>
<p>反過來，產出收費也大幅上調。在這裏，通貨膨脹率也是自 2011 年 4 月以來最快的。</p>
<p>隨着新訂單的減少，製造商降低了員工容量，包括減少員工人數和削減工作時間。一些公司還報告了員工辭職的情況。</p>
<p>員工人數連續第二個月顯著減少。</p>
<p>在三月份略有上升後，四月份的工作積壓在五個月內第四次下降，且降幅為自去年九月以來最快。</p>
<p>企業在第二季度開始時也減少了採購和庫存持有。</p>
<p>由於新訂單減少，投入採購下降，但一些製造商提前採購以試圖緩解價格和供應問題，導致下降幅度僅為輕微，且弱於三月份的情況。</p>
<p>然而，採購和成品庫存的消耗速度加快。</p>
<p>運輸成本和可用性的問題，以及原材料短缺，導致四月份供應商交貨時間顯著延長。此外，供應商的表現降至四年半以來的最低水平。</p>
<p>對中東衝突影響的擔憂導致越南製造商的樂觀情緒進一步減弱。情緒降至七個月低點，低於系列平均水平。</p>
<p>儘管如此，企業仍然預測未來一年產出將增加，這與對新訂單恢復和市場環境更加穩定的希望相關。</p>
<p>S&amp;P Global Market Intelligence 的經濟總監 Andrew Harker 表示：“來自中東戰爭的價格和供應中斷繼續對越南製造業的增長施加壓力，燃料、石油和運輸成本的上升阻礙了需求和供應。</p>
<p>“儘管在最新的調查期間產出繼續上升，但擴張速度減緩，隨着新訂單下降至收縮，似乎在未來幾個月產出也將隨之下降，除非價格和供應環境儘快改善。”——BIZHUB/VNS</p>

VNAM

越南 ETF - VanEck Vectors

<p>越南製造商在四月份經歷了新訂單的下降，製造業採購經理人指數（PMI）降至 50.5，為七個月來的最低水平。這一下降歸因於通貨膨脹壓力，特別是燃料和石油成本的上升，已達到 15 年來的最高水平。儘管生產連續第十二個月增長，但擴張速度顯著放緩。新的出口訂單也有所減少，企業因需求下降而減少了員工人數。對中東衝突的擔憂進一步抑制了製造商的樂觀情緒，儘管仍有一些人預計未來的產出增長</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>河內——根據最新的 S&amp;P Global 調查，製造商在四月份的新訂單出現下降，因為通貨膨脹壓力在燃料和石油成本上升的情況下達到了 15 年來的最高水平。</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>調查顯示，越南製造業採購經理人指數（PMI）在四月份降至 50.5，創七個月新低，低於三月份的 51.2。該讀數標誌着該行業整體商業狀況連續第十個月改善，但改善幅度僅為微弱。</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，持續的產出增長幫助保持了總體指數的正值。生產連續第十二個月增長，反映了現有項目的工作和強勁的潛在需求。然而，擴張速度是自 2025 年 6 月以來最慢的，原因是通貨膨脹壓力上升、供應短缺以及中東衝突導致的市場不穩定。</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>儘管產出持續上升，但調查的其他要素在四月份描繪了製造業狀況的更為悲觀的圖景。</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>新訂單在八個月內首次下降，因為價格上漲影響了企業獲得新訂單的能力。</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>新出口訂單的影響更為明顯，受到運輸成本上升的影響。來自國外的新業務連續第二個月顯著下降。</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>四月份普遍報告了燃料和石油成本上升，同時也提到了運輸費用的增加。因此，投入成本迅速上升，通貨膨脹率進一步加速，達到了 15 年來的最高水平。超過一半的受訪者在本月表示投入價格上漲。</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>反過來，產出收費也大幅上調。在這裏，通貨膨脹率也是自 2011 年 4 月以來最快的。</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>隨着新訂單的減少，製造商降低了員工容量，包括減少員工人數和削減工作時間。一些公司還報告了員工辭職的情況。</p>
</div><p>Staffing levels decreased solidly for the second consecutive month.</p>
<div class="lb-trans"><p>員工人數連續第二個月顯著減少。</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>在三月份略有上升後，四月份的工作積壓在五個月內第四次下降，且降幅為自去年九月以來最快。</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>企業在第二季度開始時也減少了採購和庫存持有。</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>由於新訂單減少，投入採購下降，但一些製造商提前採購以試圖緩解價格和供應問題，導致下降幅度僅為輕微，且弱於三月份的情況。</p>
</div><p>Rates of depletion in stocks of both purchases and finished goods intensified, however.</p>
<div class="lb-trans"><p>然而，採購和成品庫存的消耗速度加快。</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>運輸成本和可用性的問題，以及原材料短缺，導致四月份供應商交貨時間顯著延長。此外，供應商的表現降至四年半以來的最低水平。</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>對中東衝突影響的擔憂導致越南製造商的樂觀情緒進一步減弱。情緒降至七個月低點，低於系列平均水平。</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>儘管如此，企業仍然預測未來一年產出將增加，這與對新訂單恢復和市場環境更加穩定的希望相關。</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 的經濟總監 Andrew Harker 表示：“來自中東戰爭的價格和供應中斷繼續對越南製造業的增長施加壓力，燃料、石油和運輸成本的上升阻礙了需求和供應。</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>“儘管在最新的調查期間產出繼續上升，但擴張速度減緩，隨着新訂單下降至收縮，似乎在未來幾個月產出也將隨之下降，除非價格和供應環境儘快改善。”——BIZHUB/VNS</p>
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由於成本上升，新制造訂單減少