GTJA VIETNAM’S COMMENT

We believe that the SBV’s interest rate hike should be understood as a confirmation move (when the interest rate base in market 1 and market 2 has already increased) and is the directional action. And the guidance here is one that is more focused on defending the flow of money throughout the economy: defending against the pressure of the dollar and defending against inflationary pressures. The monetary tools such as USD trading with commercial banks (both forward and spot) or credit room, or interest rates (on both market 1 and market 2) or OMO (open market operations) will continue to be used flexibly and depending on the specific period. It is not like there is going to be a “hard” trend for any tool.