Economic news review April 15

The central exchange rate increased by 14 VND, the VN-Index dropped sharply by 59.99 points, or the State Bank announced that it had completed preparations for the gold bar auction to increase the gold supply to the market... are some notable economic news on April 15.

Economic news review

Domestic news

In the foreign exchange market session on April 15, the State Bank listed the central exchange rate at 24,096 VND/USD, a sharp increase of 14 VND compared to the session at the end of last week.

The USD buying price was kept unchanged at 23,400 VND/USD by the State Bank of Vietnam, while the USD selling price was listed at 25,250 VND/USD, 50 VND lower than the ceiling exchange rate.

On the interbank market, the dollar-dong exchange rate closed at 25,180 VND/USD, a sharp increase of 160 VND compared to the session on April 12.

The dollar-dong exchange rate on the free market remained unchanged at buying while increasing by 20 VND at selling, trading at 25,450 VND/USD and 25,550 VND/USD.

On April 15, the average interbank VND interest rate increased sharply by 0.16 - 0.42 percentage points in all terms of 1 month or less compared to the session at the end of last week, specifically: overnight 4.63%; 1 week 4.68%; 2 weeks 4.68% and 1 month 4.58%.

The average interbank USD interest rate remained unchanged in most terms except for an increase of 0.01 percentage point in the 1-week term; trading at: overnight 5.26%; 1 week 5.33%; 2 weeks 5.40%, 1 month 5.41%.

Government bond yields in the secondary market increased across all maturities; closing at: 3-year 1.83%; 5-year 2.10%; 7-year 2.31%; 10-year 2.80%; 15-year 2.98%.

In the open market operations, on the mortgage channel, the State Bank bid 12,000 billion VND with a term of 7 days, the interest rate remained at 4.0%. There were 11,999.9 billion VND won bids. The State Bank bid for State Bank bills with a term of 28 days, bidding for interest rates. There were 2,800 billion VND of bills won bids with the interest rate increased to 3.59%. There were 14,999.9 billion VND of bills maturing yesterday.

Thus, the State Bank of Vietnam net injected VND24,199.8 billion into the market yesterday, the volume of treasury bills circulating in the market decreased to VND110,850 billion, with VND21,999.89 billion circulating in the mortgage channel.

Yesterday's stock market session, indices plummeted, VN-Index had the strongest drop in nearly 2 years. At the end of the trading session, VN-Index dropped sharply by 59.99 points (-4.70%) to 1,216.61 points; HNX-Index dropped by 11.62 points (-4.82%) to 229.71 points; UPCoM-Index lost 2.23 points (-2.44%) to 88.98 points. Market liquidity was very high with a trading value of nearly 37,900 billion VND. Foreign investors net sold more than 1,270 billion VND on all 3 floors.

The State Bank of Vietnam said it has completed preparations for the gold bar auction to increase gold supply to the market.

More specifically, the State Bank said it will send out bidding notices 1 day before the bidding. After announcing the floor price, credit institutions and gold trading enterprises have 30 minutes to decide on the volume and purchase price. 1 hour after the bidding closes, the State Bank will announce the results. Enterprises will have to deposit to participate in the bidding, no later than 5:00 p.m. on the day of receiving the bidding notice.

Currently, there are 26 units including commercial banks and gold trading enterprises establishing gold bar trading relationships with the State Bank. Of these, up to this point, about 15 units are qualified to participate in the bidding. The type of gold being bid is SJC gold bars. The first gold bar auction was held on March 28, 2013. In 2013, the State Bank organized 76 gold bar auctions with a total winning volume of 1,819,900 taels out of a total of 1,932,000 taels offered for bidding.

International News

Total retail sales and core retail sales rose 0.7% and 1.1% month-over-month in March, the U.S. Census Bureau said, after rising 0.6% in the previous month, both above the 0.4% and 0.5% forecasts by economists. Total retail sales rose 4.0% year-over-year in March, up from 2.1% in February.

Next, the Empire State manufacturing index (an assessment of business conditions in New York) surveyed by the Fed came in at -14.3 points in April, up from -20.9 points in March but still below the forecast of -5.2 points.

Industrial output in the eurozone rose 0.8% month-on-month in February after a sharp 3.0% fall in the previous month, the European Union's statistics office said, matching Reuters' forecast. Compared to the same month in 2023, industrial output rose by around 3.0%. In the EU as a whole, February rose 0.8% month-on-month and 5.4% year-on-year, respectively.

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