70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam stock market watchdog eyes soon market recovery after free-fall
Ngoc Thuy 13:32, 2021/01/29
In long-term, the outlook of Vietnam’s stock market remains bright as the positive macro-economic environment would serve as a big boost for the market.

Vietnam’s benchmark VN-Index would soon recover following a free-fall of 73.23 points in yesterday’s trading session, or a decline of 6.67% from a day earlier, said a senior official from the State Securities Commission of Vietnam (SSC), the country’s stock market watchdog.

 The outlook of Vietnam’s stock market remains bright in long-term. Photo: Cong Hung

The official, talking on condition of anonymity, made the assessment while referring to improved market fundamentals compared to the past.

“The slump yesterday was due to a combination of various factors, including pressure for correction after a long period of uptrend that took the Vn-Index close to its all-time high of 1,204,” stated the official.

Meanwhile, Vietnam’s stock market was also impacted by the declining trend of from world’s major stock exchanges, with the likes of Dow Jones, S&P 500 and Nasdaq Composite falling by 2.1%, 2.6% and 2.6%, respectively, while stock exchanges of Hong Kong, Shanghai also went down by over 2%.

In case of Vietnam, the emergence of new local transmissions in Quang Ninh and Hai Duong caused negative sentiment among investors, especially new ones, and triggered a wave of sell-off at any cost, he noted.

In the short-term, the SSC’s representative expected to the market to continue going through further correction phase, due to the complicated Covid-19 situation that would affect businesses and trade activities.

“However, for the long-term, the outlook of Vietnam’s stock market remains bright,” stated the official, adding positive macro-economic environment would be a major boost for the market.

“Vietnam had successfully controlled the last two Covid-19 outbreaks, and this time I see no difference given the high determination of the entire political system and the positive response of the public,” he stressed.

At the close this morning [January 29], strong capital inflows of nearly VND17 trillion (US$737 million) into the stock market helped the VN-Index increase by 31.64 points or 3.09% to 1,055.58. Foreign investors remained net buyers in the market with over VND1.1 trillion (US$47.73 million).

RELATED NEWS
TAG: Vietnam SSC State Securities Commission of Vietnam VN-Index recovery covid-19 nCoV pandemic
Other news
20:36, 2024/03/25
Vietnam seeks to strengthen ties with Finland
Vietnam remains a key partner for Finland in ASEAN.
18:15, 2024/03/21
Vietnam urged to soon implement PDP VIII
Ensuring an attractive investment environment "capable of mobilizing capital" is crucial to attracting long-term investment in infrastructure development.
15:41, 2024/03/21
Argentina seeks to elevate ties with Vietnam to strategic partnership
Both sides would continue to accelerate the process of negotiating and concluding the Vietnam-MERCOSUR Free Trade Agreement.
20:36, 2024/03/20
Vietnamese Gov’t to strengthen gold market management
Authorities must strictly enforce laws against gold smuggling, speculation, manipulation, and exploiting government policies to inflate gold prices, posing risks to market stability and safety.
15:06, 2024/03/20
South Korea to increase ODA by 50% to Vietnam in 2024
South Korea is the leading investor in Vietnam with a cumulative total of $86 billion.
13:50, 2024/03/20
Vietnam a priority for Dutch businesses in Southeast Asia
The Netherlands has become Vietnam's largest investor, the second-largest trading partner, and export market in Europe.