Economic news review January 2

The central exchange rate decreased by 18 VND, the VN-Index increased by 1.79 points or the PMI of Vietnam's manufacturing industry reached 48.9 points in December... are some notable economic information on January 2.

Economic news review

Domestic news

In the foreign exchange market on January 2, the State Bank listed the central exchange rate at 23,848 VND/USD, down 18 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 24,990 VND/USD, 50 VND lower than the ceiling exchange rate.

On the interbank market, the USD-VND exchange rate closed at 24,325 VND/USD, up 75 VND compared to the session on December 29, 2023.

The dollar-dong exchange rate on the free market decreased sharply by 100 VND for buying and 70 VND for selling, trading at 24,620 VND/USD and 24,700 VND/USD.

On January 2, the average interbank VND interest rate decreased by 0.12 - 2.65 percentage points in all terms of 1 month or less compared to the session at the end of last week, specifically: overnight 0.95%; 1 week 1.25%; 2 weeks 1.68% and 1 month 2.44%.

The average interbank USD interest rate decreased by 0.02 - 0.04 percentage points at all terms; trading at: overnight 5.04%; 1 week 5.15%; 2 weeks 5.25%, 1 month 5.35%.

Government bond yields in the secondary market decreased for 3-year and 7-year terms while increasing for the remaining terms; closing at: 3-year 1.56%; 5-year 1.54%; 7-year 1.93%; 10-year 2.27%; 15-year 2.46%.

Yesterday, in the open market operations, on the mortgage channel, the State Bank of Vietnam offered VND1,000 billion for a 7-day term, with the interest rate remaining at 4.0%. There was no winning bid volume, with VND4,551.36 billion circulating on this channel. The State Bank of Vietnam did not offer SBV bills and there was no volume of bills circulating on the market.

The stock market on the first session after the holiday was divided when VN-Index closed in the green while HNX-Index decreased. At the end of the session, VN-Index increased by 1.79 points (+0.16%) to 1,131.72 points; HNX-Index decreased by 1.05 points (-0.45%) to 229.99 points; UPCoM-Index added 0.54 points (+0.62%) to 87.58 points. Market liquidity was at an average level with a trading value of nearly VND 18,700 billion. Foreign investors net sold nearly VND 407 billion on all three exchanges.

On January 2, 2024, S&P Global released the Vietnam Manufacturing Purchasing Managers' Index (PMI) report for December 2023. Although the Vietnam Manufacturing PMI improved from 47.3 points in November, it was still below the average level, reaching only 48.9 points in December. In particular, weak demand continued to contribute to the decrease in the number of new orders for the second consecutive month, and output also decreased accordingly.

Meanwhile, purchasing activity and employment were largely unchanged. Firms refrained from raising prices in December to attract new orders amid weak demand, although their input costs continued to rise significantly.

International News

The S&P Global survey said the official US manufacturing PMI index was at 47.9 points in December, down slightly from 48.2 points in the preliminary survey and contrary to expectations of an increase to 48.4 points.

Next, the US Census Bureau announced that construction spending in the country increased by 0.4% compared to the previous month in November, following a 1.2% increase in the previous month and still slightly lower than the forecast increase of 0.6%. In the first 11 months of 2023, construction spending in this country increased by about 6.2% compared to the same period last year.

According to S&P Global, China's manufacturing PMI was 50.8 in December, up slightly from 50.7 in November and above expectations of 50.4. This is the third highest manufacturing PMI in China over the past year.

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