Vietnamese stocks will extend a rally that has made the VN Index the best performer in Asia this year after its 16 percent surge failed to erase the discount to other markets, according to PXP Vietnam Asset Management.
Vietnam stocks , Southeast Asia’s worst performers this year, may climb as much as 41 percent as a global recovery prompts investors to pour money into emerging markets, according to PXP Vietnam Asset Management.
Vietnam’s stocks slumped the most in Asia on speculation the detention of a banking tycoon this week will lead to further arrests in the financial industry. The benchmark money-market rate climbed to a four-month high.
Vietnam devalued the dong by about 7 percent, the most since at least 1993, risking faster inflation to curb the nation’s trade deficit and narrow the gap between official and black-market exchange rates.
Vietnam’s devaluation of the dong yesterday by about 7 percent, the most since at least 1993, needs to be followed with steps to curb inflation, the International Monetary Fund and Citigroup Inc. said.