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Last week (13/4–17/4), interbank rates fell across all tenors, and several banks reduced deposit rates. Against this backdrop, the State Bank of Vietnam (SBV) withdrew more than 71 trillion dong via open market operations, as USD/VND exchange-rate pressures eased.
In the week of 13/04–17/04, Vietnamese dong interbank rates declined across all tenors. By 17/04, the overnight rate fell by 2.00 percentage points to 4.00% per year; the 1-week tenor dropped by 1.50 points to 5.00% per year; the 2-week tenor decreased by 0.35 points to 6.50% per year; and the 1-month tenor fell by 0.50 points to 7.00% per year.
On the 1 market (between banks and customers), 30 domestic commercial banks announced deposit-rate cuts after a meeting with the SBV. Reductions generally ranged from 0.1 to 0.5 percentage points, including VPBank, Techcombank, SeABank, BVBank, Sacombank, ABBank, KienlongBank, BaoViet Bank, LPBank, Nam A Bank, NCB, SHB, TPBank, Viet A Bank, Cake, Agribank, VietinBank, MB, Vietcombank, Eximbank, Bac A Bank, MSB, OCB, PGBank, Pvcombank, VietBank, BIDV, MBV, Saigonbank and Vikki Bank.
In the collateralized lending channel, the SBV offered a total of 59,000 billion dong across 7-day, 35-day and 56-day tenors, with the rate maintained at 4.5% per year.
The amount subscribed was 57,782 billion dong, while redemptions totaled 129,345 billion dong. The SBV did not bid treasury bills during the week.
Overall, the SBV withdrew 71,563 billion dong from the system, bringing total outstanding on the repo channel down to 217,003 billion dong.
The SBV adjusted the central rate mildly across sessions. On 17/04, the central rate was 25,102 VND/USD, down 3 dong from the previous week.
At the interbank level, the spot bid price was quoted at 23,897 VND/USD (up 50 dong from the floor), while the spot ask price stood at 26,307 VND/USD (down 50 dong from the ceiling).
In the interbank market, USD/VND moved mildly and closed the week at 26,334 VND/USD, down 2 dong from the prior week.
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