Additionally, the rate cuts indicate the State Bank feels comfortable with Vietnam's inflation situation and that could prove to be a positive catalyst for VNM in the coming months. Market Vectors Vietnam ETF (NYSE: VNM ) On Friday, the State Bank of Vietnam announced it will pare its refinancing rate to 7 percent from 8 percent and lower the discount rate to 5 percent from 6 percent. VNM is trading lower by almost 1.1 percent Friday, but the ETF is in position finish with a weekly gain.