Analyst Pin-board Domestic activities continued to strengthen
Domestic activities stayed strong in Nov 2020
On the supply-side, industrial production registered strong growth in Nov 2020 (+3.9% mom and +9.2% yoy), led by a robust growth of the manufacturing sector (+11.9% yoy). Particularly, a 125% surge in refinery petroleum production has contributed significantly to the manufacturing growth figure, mostly due to the shutdown of Nghi Son Refinery & Petrochemical in Nov 2019 for maintenance. Leading indicator – PMI showed that recovery lost a little momentum in Nov 2020, dipped to 49.9 from 51.8 in Oct 2020. However, despite this setback, optimism for the year ahead continued to improve to the highest since Jul 2019 as the COVID-19 pandemic remains under control.
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