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- The economic week in review
Australia's unemployment rate rose to 4.7% in September as employment fell and participation eased, although the trend rate held at 4.6%. The RBA's September Board Minutes were decisively hawkish, focusing on inflation risks, while the Governor's post-meeting remarks were more dovish. CBA still expects the cash rate to stay on hold but sees a November rate hike as a clear risk. Wage growth held at 0.8% per quarter and 3.3% per year, while business confidence fell for a third consecutive month. Attention next week will be on Deputy Governor Andrew Hauser's speech and the Q3 CPI release on 28 October.
- Prime Minister: National brand will be revoked if criteria are no longer met
At a ceremony on October 16 announcing National Brand-certified products, Prime Minister Lê Minh Hưng called for stronger post-recognition inspections and revoking the title from firms that no longer meet the criteria. Minister of Industry and Trade Lê Mạnh Hùng said the criteria will be raised to international standards, with the weight of innovation increased from 18% to 30% of the total score. In 2026, 227 enterprises with 499 products were recognized, up more than 7 times in number of enterprises since the first 2008 selection, and 14 enterprises have kept the title through all 10 cycles. These firms reported revenue above 2.5 million billion VND, paid over 133,000 billion VND in budget revenue and created jobs for more than 760,000 workers last year. The PM also asked the Ministry to submit a national brand strategy soon, urging businesses to shift from cost advantages toward value and creativity.
- Medicare Open Enrollment Begins, 2027 Plan Changes Announced
Medicare open enrollment begins Thursday and runs until Dec. 7, with coverage effective Jan. 1, 2027, affecting more than 70 million enrollees. Beneficiaries can choose between traditional Medicare, Medicare Advantage plans and prescription drug plans. The Part D out-of-pocket cap will rise to $2,400 from $2,100, the standard deductible will increase from $615 to $700, and a temporary Part D premium subsidy will end early. Negotiated prices for 15 drugs, including Ozempic, Rybelsus and Wegovy, take effect January 1, and CMS expects the change to lower prescription drug costs for enrollees by $685 million in 2027. Free counseling is available through State Health Insurance Assistance Programs in every state.
- Medicare Open Enrollment Begins , 2027 Plan Changes Announced
Medicare open enrollment runs from October 15 to December 7 for coverage starting January 1, 2027, as more than 70 million enrollees face significant changes to prescription drug coverage and costs. The Social Security cost-of-living adjustment for 2027 is 3.6%, translating to about $75 more per month for nearly 72 million beneficiaries. The Part D out-of-pocket cap rises to $2,400 from $2,100, the standard deductible increases from $615 to $700, and a temporary Part D premium subsidy will end early. Medicare-negotiated prices for 15 drugs, including Ozempic and Wegovy, take effect January 1. President Trump also announced one-time payments of $90 per person in October for more than 20 million enrollees to help cover Part B premiums.
- Proposal to review social housing purchase applications via the VNeID app
Data from the Ministry of Construction shows 947 social housing projects are under way nationwide, about 91% of the target of at least 1 million units, yet completed units still fall short of strong demand. After cases of forged documents and unauthorized brokering, many businesses and provincial Departments of Construction have proposed a shared database of eligible buyers on the VNeID app, which already holds tax, insurance and residence information. Under this proposal, authorities could verify, score and confirm eligible applicants, while developers sign sales contracts with approved buyers. Some localities, however, say complete and synchronized land and income data must be in place first.
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- Bank Profits Surge
The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.
- World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide
SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
- Gold Prices Continue to Fall
On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).
- Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News
VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
- International Business : Global stocks nosedive as Meta dents AI optimism
Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.
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