Market Highlight 28.11.2025

Ho Chi Minh City is entering the final phase of preparations to bring its International Financial Centre into operation within 2025, with a five-year roadmap for full completion and the ambition of becoming one of Asia’s most dynamic financial hubs. The project is being developed under a “one centre, two destinations” model, comprising Ho Chi Minh City and Da Nang, in which Ho Chi Minh City serves as the core location with a large-scale framework focused on key sectors such as securities, bonds, banking, fund management, and listing services. The total planned investment amounts to VND 172 trillion (approximately USD 7 billion), reflecting Vietnam’s long-term vision and commitment to building a modern financial ecosystem capable of competing regionally. The establishment of the International Financial Centre is intended not only to attract capital inflows and strengthen connectivity with global markets, but also to create a platform for piloting new mechanisms, policies, and governance models with greater efficiency. The project is expected to become a major growth driver for the economy, supporting GDP growth of 8% in 2025 and achieving double-digit expansion from 2026 onward.

The USD is heading toward its sharpest weekly decline in 4 months (-0,7%) as of Thursday, as markets increasingly price in the likelihood of further monetary easing by the Federal Reserve amid persistent pressure from President Donald Trump for additional rate cuts. Should White House economic adviser Kevin Hassett - an advocate of aggressive rate reductions - be appointed as the next Chair of the Federal Reserve, the USD is expected to weaken further in 2026.

The interbank USD/VND exchange rate traded mainly around 26.375 - 26.380 by the end of yesterday’s session. The stable trend around 26.350 is expected to continue throughout today’s trading.

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