Vietnam stock market up after surprise central bank rate cut targeting property risks

HANOI, March 16 (Reuters): Vietnam stocks rose more than 2% rebounding after a surprise move by the central bank to cut interest rates, with analysts viewing the policy move as further action by authorities to ease a credit crunch facing property developers.

The State Bank of Vietnam became the first South-East Asian central bank to lower interest rates for several years, when it announced late on Tuesday it was cutting several policy rates to increase liquidity and support economic growth.