The USD-VND exchange rate has depreciated by more than 4% YTD, prompting the State Bank of Vietnam to intervene. This depreciation is attributed to the strong US Dollar and increased gold purchases by local savers. Chief Economist Michael Kokalari examines the measures taken by the government to stabilize the VND and tame the domestic gold market, along with the investment implications. Despite expectations of a rebound in deposit interest rates, it is unlikely to have a major impact on the stock market due to the strong US economy propelling Vietnam's exports and GDP growth, estimated to drive corporate earnings growth of approximately 20% in 2024.