Economic news review March 11

The central exchange rate decreased by 24 VND, the VN-Index decreased by 11.86 points or in February 2024, the trade balance of goods in February had a surplus of 1.37 billion USD... are some notable economic information on March 11.

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Economic news review

Domestic news

In the foreign exchange market session on March 11, the State Bank listed the central exchange rate at 23,972 VND/USD, a sharp decrease of 24 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 25,120 VND/USD, 50 VND lower than the ceiling exchange rate.

On the interbank market, the dollar-dong exchange rate closed at 24,650 VND/USD, down 35 VND compared to the session on March 8.

The dollar-dong exchange rate on the free market increased sharply by 200 VND for buying and 320 VND for selling, trading at 25,500 VND/USD and 25,700 VND/USD.

On the interbank money market on March 11, the average interbank VND interest rate remained unchanged for overnight and 1-month terms while increasing by 0.01 - 0.04 percentage points for 1-week and 2-week terms compared to the session at the end of last week, specifically: overnight 0.80%; 1-week 1.07%; 2-week 1.36% and 1-month 2.06%.

The average interbank USD interest rate remained unchanged at all terms; trading at: overnight 5.20%; 1 week 5.29%; 2 weeks 5.36%, 1 month 5.40%.

Government bond yields in the secondary market increased for 3-year and 5-year terms while decreasing for the remaining terms; closing at: 3-year 1.34%; 5-year 1.56%; 7-year 1.94%; 10-year 2.47%; 15-year 2.68%.

In yesterday's open market operations, on the mortgage channel, the State Bank of Vietnam bid 3,000 billion VND with a term of 7 days, the interest rate remained at 4.0%. There was no winning volume, no circulating volume on this channel. The State Bank of Vietnam bid for SBV bills with a term of 28 days, bidding for interest rates. There were 14,999.8 billion VND of winning bills with an interest rate of 1.4%. Thus, the State Bank of Vietnam net withdrew 14,999.8 billion VND from the market in yesterday's session.

The stock market had a negative first session of the week, with major indices closing near their lowest levels of the day. At the close of the session, the VN-Index fell 11.86 points (-0.95%) to 1,235.49 points; the HNX-Index lost 2.48 points (-1.05%) to 233.84 points; the UPCoM-Index fell 0.57 points (-0.63%) to 90.66 points. Market liquidity decreased slightly compared to the previous session with a trading value of nearly VND26,300 billion. Foreign investors net bought nearly VND153 billion on all three exchanges.

According to the General Department of Customs, in February 2024, the country's trade balance of goods had a surplus of 1.37 billion USD, and in the first two months of the year, it had a surplus of 5 billion USD. Specifically, export turnover in February reached 24.67 billion USD, down 28.5% compared to January; import turnover reached 23.3 billion, down 24.6%. Accumulated from January 1 to February 29, export turnover reached 59.21 billion USD, up 19.0% over the same period in 2023; import turnover reached 54.21 billion, up 17.1%. Total import-export turnover in the first two months of the year reached 113.42 billion USD, up more than 18% compared to the first two months of 2023.

International News

Japan's official GDP grew 0.1% quarter-on-quarter in the fourth quarter of 2023, a more positive revision than the preliminary 0.1% decline, but still below the expected 0.3% increase. In the third quarter, Japan's GDP recorded a 0.5% decline. With the above results, Japan avoided a technical recession.

According to data from the International Monetary Fund (IMF), the world's GDP in 2023 is estimated at about 104.48 trillion USD. In 2023, the GDP of the Southeast Asian region in general at current prices will reach about 3.86 trillion USD. Of which, Indonesia leads the region with an estimated GDP of about 1.42 trillion USD. With a GDP in 2023 reaching more than 433.3 billion USD, Vietnam is currently the 35th largest economy in the world, ranking 5th in the Southeast Asian region.

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