VCSC Daily - Moody’s downgrade Vietnam G-bonds and banks

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Our view: The market faced an uphill battle. News came out the previous night that the bank executives that recently resigned were formally charged. Judging by the market’s reaction early, we can see that investors were not overly surprised at the news. Moody’s also came out with a double announcement: the credit rating agency had just lowered Vietnam’s bond rating and the credit rating of eight domestic banks.