The State Bank of Vietnam on October 18 asked credit institutions to cut lending rates for priority sectors, and several commercial banks have also cut deposit and lending rates, raising hopes that capital costs will ease. However, Mr. Đỗ Bảo Ngọc, General Director of Kirin Securities (CSI), says a single rate cut is not enough to move money significantly, and the downtrend must be sustained over the medium term. Liquidity is the most important indicator to watch; continued rate cuts alongside stronger trading value in Q4 or early Q1 next year would be a clearer sign that money is returning. Some experts say a sustained uptrend requires liquidity above VND 20,000 billion per session and large-cap stocks leading, conditions not yet met even though P/E and P/B have fallen to low levels. The article argues investors need not wait for VN-Index to break out to find opportunities, but a sharp stock decline alone is not reason enough to buy.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Một chỉ báo quan trọng hé lộ khả năng VN-Index bước vào “sóng mới”
Keywords
VNINDEXState Bank of Vietnaminterest ratesliquidity
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Related tickers and likely impact
VNINDEX
▲ Likely positiveRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/22/2026 | 1,760.63 |
| Change that session | +1.26% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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On 19/10/2026, Governor Phạm Đức Ấn chaired a meeting with deputy governors, the Association of Banks and leaders of 46 commercial banks on banking operations. He said that as of last weekend, deposit mobilization had grown 11.22% and credit 11.44%, and the VND gap between loans and deposits had narrowed to below 1.5 quadrillion dong from nearly 2 quadrillion. Dispatch No. 9608/NHNN-CSTT requires credit institutions to cut listed deposit rates by at least 0.5% per year for terms of six months or more, and to reduce lending rates by 1.5–2% per year for production, business and priority sectors. Cuts must match each bank's financial capacity, be tied to cost reductions and profit sharing, avoid across-the-board moves, and apply to both existing and new loans.
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