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The VN-Index (VNI) gained 3.9% in March despite turbulence in global financial markets. Key factors that affected the VNI’s performance during the month include:
- March 5: The Government released Decree 8/2023 to amend and delay some regulations in private placement and bond trading, which created positive sentiment in the market.
- March 8 - 12: Three US banks — Silicon Valley Bank, Signature Bank and Silvergate Bank — were shut down. The VNI declined 1.2% due to concerns regarding the US banking crisis.
- March 14: The State Bank of Vietnam (SBV) lowered several policy rates by 50 to 100 bps, which helped the VNI to rebound 2.1% on March 15.
- March 16 - 20: The VNI declined 3.6% due to fears of the Credit Suisse crisis.
- March 20: UBS announced it would take over Credit Suisse, leading to a recovery in global and domestic equity markets (the VNI gained 4.1% toward the month’s end).
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