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VCSC Daily - Circular 123 on FOL offsets dong devaluation - DPM, NT2, FPT

Circular 123 on FOL offsets dong devaluation. At one point the VNI was down nearly 10 points following the SBV’s surprise devaluation of the dong this morning. Losses were pared as news emerged in the afternoon that the Ministry of Finance has issued Circular 123 on guiding FOL expansion. As of this writing, the document has not been made available to the public although several financial media outlets have reported of its existence.