Macro/ Strategy

Vietnam economy remained its recovery in Jan 2024 with growth of all pillars including export, consumption, and investment. Inflation continues to be under control; exchange rates have been stable and there was no significant activity on the open market. Interest rates continue to decrease slightly to stimulate credit demand.

According to the State Bank of Vietnam, credit growth target in 2024 is 15% with an estimated injection of VND 2 quadrillion into the economy and notably, the State Bank assigned all 2024 credit growth targets to commercial banks right from the beginning of the year, creating a boost for banking stocks. In addition, the Land Law (amended) and the Law on Credit Institutions (amended) were officially passed by the National Assembly on January 18, 2024 which brings hopes on the recovery and sustainable development of real estate market in coming years.