Coronavirus (COVID-19) outbreak weighed on industrial production index (IIP). Overall IIP in 2M 2020 increased only 6.2% YoY with manufacturing IIP growing 7.4% YoY, which were both the lowest pace for the same period in three years. Meanwhile, Vietnam’s PMI fell below the neutral level of 50 as it posted at 49 in February, suggesting a contraction in business conditions for the first time in more than four years. We expect industrial production to experience slower growth in March due to supply