In a significant leadership change, Vingroup has relieved Mai Huong Noi from her position as Deputy General Director, effective September 9. This decision was made at her personal request after two decades of service with the company, during which she also served as General Director from 2006 to 2012.

As Vingroup undergoes this transition, the market is also reacting to rising oil prices. Brent crude has recently surpassed the $100 per barrel mark for the first time since July, driven by escalating tensions in the Middle East. This surge in oil prices has raised concerns about inflation and its potential impact on the global economy.

Additionally, the Ho Chi Minh City government has approved an investment project worth nearly $1 billion by Tokgistic Pte. Ltd., a company linked to TikTok. The project, named Swift Logistics, will focus on logistics and market research and is expected to commence in November.

In the stock market, the VN-Index closed down more than three points, reflecting a decrease in overall market liquidity. However, oil stocks have shown resilience, with companies like BSR and OIL seeing gains despite the broader market decline.

In other news, PNJ reported a significant drop in profits, with a decrease of nearly 676 billion VND in the first half of the year due to adjustments in their product buyback policy. The financial landscape continues to evolve as the U.S. Treasury Department plans to buy back up to $6 billion in long-term government bonds to manage borrowing costs, amid investor disappointment over the scale of the buyback.