Stocks and gold hit record highs, while the USD cooled down.

Gold prices surged to record highs, stocks experienced their biggest ever gains, while exchange rates plummeted after news that the US temporarily suspended retaliatory tariffs on imported goods from various countries, including Vietnam.

Stocks surged to their highest level in history.

The news that the US is temporarily suspending retaliatory tariffs for 90 days on goods from more than 75 countries and territories, including Vietnam, has created unprecedented excitement in global stock markets. Yesterday (April 10), the Vietnamese stock market also witnessed a record-breaking trading session. Stocks surged to their upper limit, with no sellers. At market close, the VN-Index jumped 74.04 points, or 6.61%, to 1,168.34 points; the HNX-Index rose 15.74 points, or 8.17%, to 208.32 points. This single-session increase in the VN-Index set a new record.

Similarly, the fact that over 700 stocks hit their upper limit is also a historic milestone. Notably, all 30 blue-chip stocks in the VN30 index surged to their upper limit throughout the trading session, an unprecedented event. Those holding shares did not sell, resulting in historically low market liquidity. The total trading value reached only over 8,000 billion VND, a decrease of nearly 80% compared to previous trading sessions.

Over 700 stocks hit their upper limit in the trading session on April 10th.

PHOTO: NHAT THINH

At the same time, the news that Deputy Prime Minister Ho Duc Phoc met with the US Trade Representative on the night of April 9th ​​(Vietnam time) also eased investor sentiment compared to previous days. Stock markets across Asia rallied. Notably, Japan's Nikkei 225 rose 9.13%, South Korea's Kospi increased 6.6%, Taiwan's TAIEX gained 9.25%, Hong Kong's Hang Seng rose 2.06%, China's Shanghai Composite rose 1.16%; and many Southeast Asian stock markets also rose by over 4-6%... Thus, yesterday's session saw Vietnam's stock market among the top gainers in Asia.

Economist Dr. Nguyen Tri Hieu commented that the news of US President Donald Trump temporarily suspending reciprocal tariffs for 90 days has helped ease investor sentiment. This will give the government time to negotiate solutions to reduce the 46% tariff. However, pressure on the exchange rate remains. Trade tensions will impact Vietnam's exports, potentially reducing the amount of USD Vietnam earns and hindering foreign exchange reserves from increasing. Furthermore, China has begun devaluing the yuan to support exports, which also puts pressure on Vietnam's exchange rate. When Chinese goods cannot be sold to the US, they are likely to shift to other markets, including Vietnam. Increased competition for domestic goods and difficulties for businesses will make it harder to achieve the 8% economic growth target.

"In the context of tense global trade, I believe Vietnam should strive to maintain exchange rate stability. This year, keeping the USD/VND fluctuation around 5% would be acceptable. At this level, inflationary pressure would not be high, and economic growth would also be at a fairly good level," shared Dr. Nguyen Tri Hieu.

Gold prices surge to record highs, USD cools down.

Precious metals also experienced a surge, setting new records. The buying price of SJC gold bars increased by 1.3 million VND to 100.9 million VND, while the selling price rose by 2 million VND to 103.9 million VND per tael. Similarly, the price of 9999 gold rings also increased by 2 million VND per tael, but the buying price of companies only increased by 1.1 - 1.4 million VND. Bao Tin Minh Chau Company bought at 101 million VND and sold at 104 million VND/tael. Similarly, Phu Quy Company bought at 100.6 million VND and sold at 103.9 million VND/tael. Saigon Jewelry Company (SJC) bought at 100.3 million VND and sold at 103.3 million VND/tael… By the afternoon of April 10th, the price of SJC gold bars and rings had slightly decreased by 300,000 VND per tael.

The USD price has fallen sharply.

PHOTO: NGOC THANG

Gold trading companies are buying low and selling high, causing the difference between the buying and selling price of gold to increase to 3 million VND per ounce. At the same time, the price of gold in Vietnam is 6-6.3 million VND per ounce higher than the world price .

Precious metals on the international market also surged to a daily high of $3,135 per ounce before falling to $3,113 per ounce by the end of the day. World gold prices rose more than 3% after US President Donald Trump announced a temporary suspension of retaliatory tariffs for 90 days. Countries and territories, excluding China, will revert to a base tariff rate of 10%, significantly lower than the previously announced rate. This announcement triggered a strong market recovery after days of heavy selling pressure that caused major assets to plummet and fueled pessimism in the stock market, precious metals, and commodities. According to the World Gold Council, investors poured 226.5 tonnes of gold exchange-traded funds (ETFs) into gold in the first quarter of 2025, worth approximately $21.1 billion, the largest quarterly inflow in three years.

One factor contributing to the increased price of gold in Vietnam compared to the world market, reaching up to 6 million VND/ounce, stems from banks sharply lowering the USD exchange rate at the beginning of the day, leading to a decrease in the price of the precious metal in the global market. This was the sharpest drop ever, equivalent to a 0.8% decrease overnight. Vietcombank bought USD at 25,580 - 25,610 VND and sold at 25,970 VND. The USD buying price at ACB also fell to 25,600 - 25,630 VND, and the selling price to 25,980 VND… On the interbank market, the USD exchange rate between banks also dropped sharply by 145 VND, to 25,800 VND/USD. The price of the US dollar on the world market decreased by 80 VND, to 26,070 VND for buying and 26,170 VND for selling.

According to Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company, gold prices have fluctuated widely in recent days, ranging from $80 to $90 per ounce, causing domestic prices to rise and fall accordingly. The financial market's reaction to the US President's tariff policies against other countries has been quite strong, and market developments have revolved around this issue for the past week. Any move could quickly drive prices up or down. The current tariff conflict between the US and China is unpredictable and likely to drag on, and gold will benefit from this. However, by the time the two countries meet, gold is likely to experience a sharp decline. Observing the global market, gold remains a safe haven for investors even after President Donald Trump temporarily suspended retaliatory tariffs for 90 days. According to some analysts, gold is still in a strong upward trend and is expected to face limited selling pressure as some investors still want to hold safe-haven assets even as market sentiment improves.

Increased exchange rate pressure

According to a report by Vietcap Securities, although the US retaliatory tariffs have been temporarily postponed, if the 46% tariff is applied after the extension, the Vietnamese Dong (VND) could face depreciation pressure of approximately 5%, similar to periods of volatility like in 2022 and 2024. The company believes that the exchange rate pressure mainly stems from the possibility that the State Bank of Vietnam will continue to maintain or lower interest rates to support domestic economic growth. Vietcap also notes that Vietnam's foreign exchange reserves are currently estimated at around...

$84 billion, equivalent to 2.4 months of imports. Although this level is lower than the International Monetary Fund's (IMF) recommendation, it is still much better than in 2015, when reserves had fallen to the equivalent of only 1.4 months of imports and had to be used to stabilize the exchange rate.

Source: https://thanhnien.vn/chung-khoan-vang-tang-ky-luc-usd-giam-nhiet-185250410203321588.htm