Stocks, gold hit record highs, USD cools down

Stocks surged the most in history

The news that the US has suspended reciprocal tariffs for 90 days on goods from more than 75 countries and territories, including Vietnam, has created unprecedented excitement in the global stock market. Yesterday (April 10), the Vietnamese stock market also witnessed a trading session that set many records in history. Stocks simultaneously increased to the ceiling, with no sellers. At the close of the market, the VN-Index skyrocketed by 74.04 points, equivalent to an increase of 6.61% to 1,168.34 points; the HNX-Index increased by 15.74 points, equivalent to an increase of 8.17% to 208.32 points. The increase of the VN-Index in this session set a new record.

Similarly, the fact that the market had more than 700 stocks increase to the limit is also a historical mark. Notably, all 30 blue-chip stocks in the VN30 basket on the floor increased to the ceiling during the trading session, which has never happened before. Stock holders did not sell, causing market liquidity to record the lowest level in history. The total trading value only reached more than 8,000 billion VND, down nearly 80% compared to the previous trading sessions.

More than 700 stocks hit the ceiling in trading session on April 10

PHOTO: NHAT THINH

At the same time, the news that Deputy Prime Minister Ho Duc Phoc had a meeting with the US Trade Representative on the night of April 9 (Vietnam time) also made investors less pessimistic than in previous days. Stock markets in Asia all improved. Notably, Nikkei 225 of Japan's market increased by 9.13%, Kospi of Korea increased by 6.6%, Taiwan TAIEX of Taiwan increased by 9.25%, Hang Seng in Hong Kong increased by 2.06%, Shanghai Composite of China increased by 1.16%; and many Southeast Asian stock markets also increased by over 4 - 6%... Thus, yesterday's session, Vietnam's stock market was among the top with the highest increase in Asia.

Economist, Dr. Nguyen Tri Hieu commented that the information about the reciprocal tax policy that US President Donald Trump has suspended for 90 days will help ease investors' psychology. This will be the time for the Government to implement negotiation solutions so that the 46% tax rate will be reduced. Regarding the exchange rate, the pressure still exists. Because trade tensions will affect Vietnam's exports, which can reduce the amount of USD that Vietnam earns, making it difficult for foreign exchange reserves to increase. In addition, China has begun to devalue the yuan to support the export of goods and this also puts pressure on Vietnam's exchange rate. When Chinese goods cannot be sold to the US, they will likely shift to other markets, including Vietnam. Domestic goods face more competition, businesses are facing difficulties, so economic growth will find it difficult to achieve the target of 8%.

"In the context of global trade tensions, in my opinion, Vietnam should try to stabilize the exchange rate. This year, if the USD/VND fluctuation can be kept around 5%, it is acceptable. At this level, inflationary pressure will not be high and economic growth will also be quite good," Dr. Nguyen Tri Hieu shared.

Gold price hits record high, USD cools down

Precious metals also had a breakthrough session, setting a new record. The buying price of SJC gold bars increased by 1.3 million VND, up to 100.9 million VND; while the selling price increased by 2 million VND, up to 103.9 million VND per tael. Similarly, the price of 4-number 9 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, sold at 104 million VND/tael. Similarly, Phu Quy Company bought at 100.6 million VND, sold at 103.9 million VND/tael. Saigon Jewelry Company - SJC bought at 100.3 million VND, sold at 103.3 million VND/tael... By the afternoon of April 10, the price of SJC gold bars and rings decreased slightly by 300,000 VND per tael.

USD price drops sharply

PHOTO: NGOC THANG

Gold trading companies buy cheap and sell expensive, causing the difference between buying and selling prices of gold to increase to 3 million VND per tael. At the same time, domestic gold prices are 6 - 6.3 million VND per tael more expensive than world prices.

Precious metals in the international market also increased sharply to the highest level of the day at 3,135 USD/ounce and then decreased to 3,113 USD/ounce at the end of the day. The world gold price increased by more than 3% after US President Donald Trump announced a temporary suspension of reciprocal tariffs for 90 days. Countries and territories, except China, will return to the basic tax rate of 10%, significantly lower than the previously announced tax rate. This announcement triggered a strong recovery in the market after many days of strong selling pressure that caused major assets to plummet and promoted pessimism in the stock market, precious metals and commodities. According to the World Gold Council, investors poured money into gold exchange-traded funds (ETFs) in the first quarter of 2025 to 226.5 tons, worth about 21.1 billion USD, the largest quarterly inflow in 3 years.

One factor that caused domestic gold to increase in price compared to the world, up to 6 million VND/tael, came from banks sharply reducing the USD price at the beginning of the day, leading to a decrease in the world's converted price of precious metals. This is the sharpest decrease ever, corresponding to a decrease of 0.8% overnight. Vietcombank bought USD at 25,580 - 25,610 VND, sold at 25,970 VND. The USD buying price at ACB also dropped to 25,600 - 25,630 VND, sold at 25,980 VND... On the interbank market, the USD price traded between banks also dropped sharply by 145 VND, down to 25,800 VND/USD. The greenback price on the world market decreased by 80 VND, down 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 in a wide range of 80 - 90 USD/ounce in recent days, so domestic prices have also increased and decreased accordingly. The reaction of the financial market to the tax policy that the US President has put forward for other countries is quite strong and the market has been revolving around the tax story for the past week. Just one move can accelerate the price increase or decrease. The tariff story between the US and China is currently unpredictable and will continue to drag on, and gold will benefit from this. However, by the time the two countries sit down together, gold is likely to be strongly affected. Observing the world market, gold is still chosen as a safe haven for investors even though President Donald Trump has temporarily suspended the imposition of reciprocal tariffs for 90 days. According to some analysts, gold is still in a strong uptrend and is expected to face limited selling pressure because some investors still want to hold safe haven assets even when market sentiment improves.

Exchange rate pressure increases

According to a report by Vietcap Securities Company, although the US reciprocal tax has been temporarily postponed, if the 46% tax rate is applied after the extension period, the Vietnamese Dong (VND) may be under pressure to depreciate by about 5%, equivalent to the volatile periods in 2022 and 2024. The company believes that the exchange rate pressure mainly comes from the possibility that the State Bank will continue to maintain or lower the interest rate level to support domestic economic growth. Vietcap also notes that Vietnam's foreign exchange reserves are currently estimated at about

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

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