1. Financial market News

VN-Index down again as Covid-19 situation worsens

The VN-Index fell 2.77 percent to 790.84 points after eight new intra-community Covid-19 transmissions were confirmed Wednesday morning. The benchmark VN-Index had fallen as far as 780 points by around 1.15 am from an opening of 813.36, but managed to pick up 10 points by the end of the session. News of new Covid-19 infected patients in the central coastal city of Da Nang City in the morning triggered selloffs again, although the market managed to recover in the afternoon session upon hitting the 780-point support level, with bottom-fishing cash narrowing losses. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, turned red with 352 stocks losing and just 59 gaining. Total trading volume rose slightly over the previous session to VND5.46 trillion ($235.92 million). The VN30-Index for the stock market’s 30 largest caps fell 2.78 percent, with 29 tickers in the red and just one in the green.

Detailed information here.

2. Banking news

Opportunities for banks to balance capital appear

In the view of the State Bank of Vietnam (SBV), it was appropriate to review the roadmap to apply the maximum rate of short-term funds used for medium, long-term loans. Due to the pressure of the Covid-19 epidemic, the number of customers depositing at banks might decline. If the proportion of short-term capital were maintained in the mobilisation structure, commercial banks would be able to reduce capital costs and continue to deploy special interest rate packages for customers.

Detail information here.

3. International finance News

U.S., China must ‘step up’ to lead in the coronavirus crisis or emerging economies may sink, experts say

Both the U.S. and China have to “step up to the plate” and provide global leadership at a time when the world’s poorest countries are in trouble due to the pandemic, said a distinguished economist.