Market Highlight 24.07.2024

The total export value of agricultural, forestry, and fishery products in the first half of this year exceeded 29 Billion USD, up 19% compared to the same period in 2023, targeting an annual goal of 57-58 Billion USD. Vietnam's agriculture sector has consistently maintained a growth rate of 3-4%, especially since 2021. In 2023, agricultural exports reached 53 Billion USD. In the first half of July 2024, Vietnam earned 898 Million USD from exporting agricultural products, up 21% compared to the same period last year. Vietnam holds records in exporting products like catfish, rice, coffee, cashews, black pepper, tea, cassava, and wood products, with the U.S., China, and Japan being the largest export markets.

The USD Index recovered nearly 0,2% yesterday to 104,5 points, attempting to regain momentum after dropping to a four-month low of 103,64 points last week. The USD showed little reaction to a report indicating a larger-than-expected decline in U.S. existing home sales in June, with median home prices reaching a new record high for the second consecutive month. U.S. home sales fell 5,4% last month to the lowest level since December last year. The USD has remained relatively stable this week as the market awaits the U.S. PCE inflation data for June, which will be released at the end of the week.

The USD/VND interbank rate briefly increased to 25.375 yesterday morning as the market saw additional foreign currency purchase demands for payments to foreign partners early in the day. The rate cooled to 25.365 and remained relatively stable in the afternoon, marking an increase of about 25 Dong yesterday, while the USD Index also rose slightly by about 0,1% during Asian market trading.

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Directly contact us to receive market news and consultancy on foreign exchange products and derivatives:

- Financial Markets Division – Email: ktttc@acb.com.vn ; or

- Mr. Khanh Hoang (Financial Markets Senior Analyst) – Email: hoangnk@acb.com.vn