Index of Industrial Production (IIP) plunged due to Tet Holiday. The overall Index of Industrial Production (IIP) fell by 5.5% YoY and manufacturing IIP slid 4.8% YoY due to fewer working days in January 2020 (18 days) vs January 2019 (22 days). Positive signs in new export orders and business confidence in the Nikkei PMI report imply that production activity should pick up after the Tet break. However, significant disruption in cross-border transportation and trade between China and Vietnam due