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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Japan is considering a proposal to tighten income requirements for long-term residence applications as part of broader measures Prime Minister Sanae Takaichi is weighing to manage the rapidly rising number of foreigners in the country. Current long-term residence framework Japan currently has about 940,000 people with long-term residence status, representing…
Global oil prices continued to climb, breaching the $100 per barrel mark as tensions in the Middle East show no signs of abating, raising concerns of a new energy shock for the global economy. This development also has a direct impact on financial markets.
In this context, Mr. Bui Van Huy, Deputy Director of FIDT, said the negative scenario is becoming more plausible as Brent crude remains above $80 per barrel, reflecting the risk of supply disruptions in a prolonged geopolitical environment. Global inflationary pressures are rising as a result, forcing central banks—especially the Fed—to delay rate cuts and potentially signal tightening if prices keep climbing.
In this scenario, the USD tends to strengthen, with the DXY index surpassing 100, putting additional pressure on emerging markets. In Vietnam, the USD/VND exchange rate comes under clearer upward pressure, potentially lifting the deposit rate to the 7–8% range. Domestic inflation faces the risk of rising, while GDP growth could fall below 8% if financial conditions remain tight.
Oil prices rising are expected to have negative effects on risk assets such as equities and real estate. Gold and other safe-haven assets tend to benefit, while bonds and deposits become more attractive due to higher interest rates and lower risk.
FIDT experts noted that market fundamentals are changing significantly versus expectations earlier in the year. Previously, the market expected liquidity and rates to stabilize from early Q2 2026 thanks to controlled monetary easing. However, pressures are increasing as inflation and exchange-rate risks reemerge. The State Bank has had to absorb liquidity to stabilize the market, causing interbank rates to rise to around 11% at times, indicating the system is not as abundant as before and that the easing process may take longer than anticipated.
On growth, the corporate profit outlook has become less positive. While market-wide earnings growth for 2026 is still expected to be around 14%, it faces adjustment pressures as macro conditions deteriorate.
Regarding valuations, after adjustment, the market is trading around 1,680 points, down about 6% from the start of the year. Valuation multiples such as P/E and P/B remain relatively attractive compared with history, with 2026 forward P/E around 13–14x, below the 10-year average. With rates expected to rise again, however, the room to sustain this valuation may shrink.
Historical data show P/B around 1.97x, approaching the long-term average, reflecting a stance of not too cheap but still appealing for the long-term view. By sector, banks, industrial real estate, retail, and construction are at relatively reasonable valuations, while the oil and gas group has partly priced in growth expectations for prices.
Overall, although market valuations remain reasonable, rising interest rates and macro risks are making the outlook more cautious. Sector rotation is expected to become clearer in the coming period as money flows tend to be selective rather than broad-based as in the previous phase.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
