NAC Weekly No. 14: Vietnam's Inflation Climbs to 5.6%

Giá tiêu dùng Việt Nam, tháng 55,6%▲ so với cùng kỳ; 0,29% so với tháng 4Tỷ giá trung tâm25.145 đồng/USD● giữ nguyên ngày 5/6Việc làm mới ở Mỹ, tháng 5172.000▲ thất nghiệp giữ 4,3%Lãi suất Fed (mức trần)3,75%● giữ nguyên từ 12/2025Giá nhà Anh, so với cùng kỳ1,7%▼ từ 3,0% tháng 4Lạm phát Thổ Nhĩ Kỳ32,61%▲ từ 32,37% tháng 4Giá tiêu dùng Việt Nam, tháng 55,6%▲ so với cùng kỳ; 0,29% so với tháng 4Tỷ giá trung tâm25.145 đồng/USD● giữ nguyên ngày 5/6Việc làm mới ở Mỹ, tháng 5172.000▲ thất nghiệp giữ 4,3%Lãi suất Fed (mức trần)3,75%● giữ nguyên từ 12/2025Giá nhà Anh, so với cùng kỳ1,7%▼ từ 3,0% tháng 4Lạm phát Thổ Nhĩ Kỳ32,61%▲ từ 32,37% tháng 4

Vietnam CPI, May5.6%▲ year on year; 0.29% on AprilVND central rate25,145 per USD● unchanged on 5 JunUS payrolls, May172,000▲ unemployment steady at 4.3%Fed funds (upper bound)3.75%● on hold since Dec 2025UK house prices, year on year1.7%▼ from 3.0% in AprilTurkey inflation32.61%▲ from 32.37% in AprilVietnam CPI, May5.6%▲ year on year; 0.29% on AprilVND central rate25,145 per USD● unchanged on 5 JunUS payrolls, May172,000▲ unemployment steady at 4.3%Fed funds (upper bound)3.75%● on hold since Dec 2025UK house prices, year on year1.7%▼ from 3.0% in AprilTurkey inflation32.61%▲ from 32.37% in April

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Contents

NAC Weekly No. 14: Vietnam's Inflation Climbs to 5.6%

Vietnam's inflation reaches 5.6%, US payrolls add 172,000, UK and Sydney home prices slip and Turkish inflation hits 32.61%. Five stories from the week.

Vietnam's consumer prices rose 5.6% year on year in May, above the government's full-year target of about 4.5%, driven by electricity, water and petrol. Abroad, higher energy costs and market rates began to weigh on housing: UK prices fell 0.6% in the month and Sydney 0.9%. The US added 172,000 jobs, so dollar rates are unlikely to fall soon.

Market pulse, week of 1–7/6/2026

Vietnam CPI, May5.6%▲ year on year; 0.29% on AprilGeneral Statistics Office, 3 Jun

VND central rate25,145 per USD● unchanged on 5 JunState Bank of Vietnam

US payrolls, May172,000▲ unemployment steady at 4.3%BLS, 5 Jun

Fed funds (upper bound)3.75%● on hold since Dec 2025Six cuts since Sep 2024

UK house prices, year on year1.7%▼ from 3.0% in AprilNationwide, 1 Jun

Turkey inflation32.61%▲ from 32.37% in AprilTurkStat, May 2026

Source: General Statistics Office via Nhân Dân (3 Jun); State Bank of Vietnam via Doanh nghiệp Hội nhập (5 Jun); BLS (5 Jun); Fed; Nationwide (1 Jun); TurkStat via Trading Economics (5 Jun)

Signals this week

Prices and dealsMoney and ratesRules and process

🇻🇳 VietnamPrices and dealsConsumer prices up 5.6% in a yearMoney and ratesDong steady at 25,145Rules and process—

🇺🇸 USDPrices and deals—Money and ratesStrong hiring keeps rates highRules and process—

🇬🇧 UKPrices and dealsHouse prices down 0.6% in MayMoney and ratesMarket rates edge higherRules and process—

🇦🇺 AustraliaPrices and dealsSydney down 0.9%, Melbourne 0.8%Money and ratesQ1 GDP grows only 0.3%Rules and process—

🇹🇷 TurkeyPrices and dealsHousing costs up 45.59%Money and ratesInflation rises to 32.61%Rules and process—

▲rising▼falling●steady / watch

Source: NAC, compiled from the sources in this issue

🇻🇳 Vietnam · Consumer prices up 5.6% on a year earlier

On 3 June the General Statistics Office reported that consumer prices rose 0.29% in May and 5.6% on a year earlier, Nhân Dân reported. In the heatwave, household electricity rose 2.38%, water 1.41% and petrol 2.12%, according to Tạp chí Kinh tế - Tài chính. Over five months, prices averaged 4.31% growth.

For Vietnamese investors: savings earning less than 5.6% are losing purchasing power. The central rate held at 25,145 dong per dollar on 5 June, but the free-market dollar averaged about 26,375 dong in May, per the statistics office. Families holding most of their wealth in dong may want to move part of it into foreign currency.

🇺🇸 United States · 172,000 new jobs, unemployment steady at 4.3%

On 5 June the Bureau of Labor Statistics reported that the US economy added 172,000 nonfarm jobs in May, with unemployment unchanged at 4.3%. March and April were revised up by a combined 93,000. Average hourly earnings rose 3.4% on a year earlier.

For Vietnamese investors: a healthy labour market gives the Fed little reason to cut at its 16–17 June meeting. The target range has stood at 3.50–3.75% since December 2025. Borrowing costs in dollar-pegged markets such as Dubai and Panama are unlikely to ease soon, which puts equity buyers in a stronger position than borrowers.

🇬🇧 UK · House prices fall 0.6% in May, the first drop of the year

The Nationwide house price index, published on 1 June, shows UK prices down 0.6% in May, the first monthly fall of 2026. Annual growth slowed from 3% to 1.7%, and the average price is now £278,024. Chief economist Robert Gardner blamed Middle East uncertainty for pushing up energy prices and market rates, but said household finances remain healthy, so the weakness could prove temporary, as Trading Economics reported.

For Vietnamese investors: a pause in prices gives buyers more time to choose. Per NAC's listing data, Fulham Reach Palmer House in west London starts at £576,000, with completion anticipated in Q2 2026 and an estimated gross yield of 5.2%. A unit close to handover means rental income can start early.

🇦🇺 Australia · Sydney home values fall 0.9% in May

Cotality's home value index, covered by Savings.com.au on 1 June, shows Sydney down 0.9% and Melbourne down 0.8% in May, while Perth rose 1.5%. Research director Tim Lawless sees a further drift towards lower values as the most likely outcome. On 3 June the Australian Bureau of Statistics reported first-quarter GDP growth of just 0.3%.

For Vietnamese investors: Melbourne values are now about 2.9% below their November 2025 peak, which gives buyers more room to negotiate. Per NAC's listing data, West Side Place in the Melbourne CBD was completed in 2022 and starts at AUD 486,000, with an estimated gross yield of 5.2%; Aura Melbourne Square is due in 2029 from AUD 612,000.

🇹🇷 Turkey · Inflation climbs to 32.61% in May

TurkStat data, reported by Trading Economics on 5 June, show annual inflation rising to 32.61% in May from 32.37% in April, the highest since October 2025. Housing costs were up 45.59% on a year earlier. The central bank kept its 24% year-end target but suspended its forecast range, citing high uncertainty.

For Vietnamese investors: per NAC's programme data, the property route to Turkish citizenship is priced in dollars, from USD 400,000 held for three years, so lira inflation does not change the capital required. Rent collected in lira, however, has to be converted when you work out the yield. The details are in NAC's Turkey citizenship programme guide.

Next week

Mon8/6

Tue9/6

Wed10/6US May CPI

Thu11/6ECB rate decisionCentral Bank of Turkey rate meetingUS May PPI

Fri12/6

Sat13/6

Sun14/6

Source: BLS, ECB and Central Bank of the Republic of Türkiye calendars

NAC strategic insight

This week, high energy costs fed into inflation in Vietnam and Turkey, into interest rates in the US and into house prices in the UK and Australia. We favour assets that are finished or close to handover in markets where prices are pausing, bought with equity rather than dollar debt. If you'd like to see how your family's portfolio should adjust after this week, book a consultation with NAC.

Markets in this issueVietnam made the inflation news this week; the UK and Australia saw prices pause, giving buyers more room to negotiate