The sudden contraction of credit was a factor responsible for the ensuing depression-within-a-depression.

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Deteriorating global sentiment may have been a factor in Vietnam's manufacturing contraction in February, as HSBC's Vietnam PMI slipped to 48.3 from January's 50.1 reading.

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The eurozone was the biggest factor, with a 0.6% contraction.

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It meant that without the one-off factor the economy would have had to find considerable growth from elsewhere to avoid a contraction in the final three months of the year.

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