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
18:08, 2022/08/30
Vietnam ensures steady rice supply for Cuba
Rice remains the key product that Vietnam has sometimes offered Cuba for free over the past years while transferring farming techniques to the country of brotherhood.
15:37, 2022/37/30
Trade cooperation: Highlight of Vietnam-EU relations
Vietnam's trade relations with most European markets have experienced positive growth, not only with Germany, the Netherlands and France, but also other markets in northern, central and southern Europe.
18:58, 2022/58/29
[Inforgraphic] Hanoi's tourism revenue in 9 months
The city's tourism industry is expected to execute a busy cultural and artistic plan in the last months of 2022 to attract international visitors.
16:01, 2022/01/29
Vietnam’s 9-month GDP growth at a 12-year high
The economy is on track to surpass the Government target of 6-6.5% this year.
14:35, 2022/35/27
Vietnam among fastest growing economies in East Asia – Pacific region: WB
The GDP growth would rebound to 7.2% in 2022 and moderate to 6.7% in 2023.
16:58, 2022/58/26
Trade ministry eyes Vietnam’s exports to end 2022 on a high note
A diversified network of free trade agreements (FTAs) that Vietnam is a part of serves as a significant boost for the country's exports.