Closing Bell 3rd July: ASX edges lower as CBA slides; GemLife debuts strongly

Vietnam stocks hit 3-year high ahead of U.S. trade deal details

Vietnamese equities climbed to their highest level in over three years as markets anticipated further details of a new U.S.-Vietnam trade agreement announced by former President Donald Trump on Wednesday.

In a post on Truth Social, Trump stated that the U.S. would impose a 20% tariff on imports from Vietnam, while Vietnam would implement a “ZERO Tariff” in return. The announcement comes as the 90-day tariff reprieve nears its expiration, raising investor interest in the bilateral agreement’s potential implications.

The Vietnam Index rose 0.3%, reaching its highest level since April 2022, according to LSEG data.

Elsewhere in Asia, Japan’s Nikkei 225 fell 0.15% and the broader Topix index lost 0.21%. South Korea’s Kospi gained 0.77%, and the tech-heavy Kosdaq advanced 0.5%.

Australia’s S&P/ASX 200 edged 0.13% higher, supported by strength in resources stocks.

In contrast, Hong Kong’s Hang Seng index declined 0.64%, while China’s CSI 300 managed a modest 0.14% gain as sentiment remained cautious amid ongoing economic headwinds.