Vietnam Insight

Global stocks sold off, red spread. European equity markets sank on Wednesday, with the STOXX 600 down 3% hitting its lowest level since January 3rd and the Stoxx bank index tumbled around 7%, the most in over a year as investors renewed their concerns about the banking system. The sell-off was triggered by Credit Suisse after its shares plunged 24.2% to a new record low as top shareholder Saudi National Bank ruled out any further injections, a day after the bank revealed it had found “material weaknesses” in its financial reporting processes for 2022 and 2021. 

Domestic stocks rallied after SBV lowered its operating interest rate. Group of 4 state-owned banks (VietinBank, Vietcombank, BIDV, Agribank) have the lowest 12-month deposit interest rates in the market, applied below 7.2%/year.

The Prime Minister established 5 working groups to inspect, urge and remove difficulties and accelerate disbursement of public investment capital.

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