The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,175 VND/USD on October 11, up 3 VND from the previous day.

Vietnam’s stock market is witnessing the fastest and strongest recovery since the beginning of this year, as the VN-Index has surpassed the threshold of 1,200 points.

Vietnam’s benchmark VN-Index last week ended at its 13-month high but its struggle on the last two days signalled growth had stalled and it would move sideways in the coming week.

Shares bounced back May 26 thanks to the growth of a few leading large-cap stocks, but the market is exposed to risk of a downward correction following a prolonged rally.

Vietcombank (VCB) shareholders approved the bank’s plan to issue an additional 360 million shares, equivalent to 10 percent of its capital, to expand its charter capital to almost 39.6 trillion VND.

Vietnamese shares on July 22 slid for a fourth day as the banking sector was the worst-hit industry on the market.

Vietnamese shares were mixed on September 17 while banks fell ahead of a decision by the US Federal Reserve whether to raise interest rates.

Shares widened their losses on the afternoon of July 31 as blue chips fell on rising precaution about the market outlook.