March 25, 2011
A staff member counts US dollar notes at a bank in Ho Chi Minh City The dong has strengthened against the dollar and dollar-denominated deposits have increased over the past week after the central bank clamped down on foreign exchange transactions in the unofficial market. On Thursday, the dollar traded at Vietcombank at VND20,865, down [...]
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February 5, 2010
Companies in Vietnam are struggling to buy dollars, damaging confidence in the Asian nationâs currency and financial markets, Citigroup Inc. said. The government in December asked state-owned Vietnam Oil & Gas Group and Vietnam Airlines Corp. to âimmediately sellâ dollars to banks. The difficulty in getting access to foreign exchange has boosted corporate costs and [...]
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November 26, 2009
LookAtVietnam – Not just importers, but enterprises of all sorts are feeling a dollar pinch. On the curb market, a dollar now fetches nearly 20,000 dong. Nguyen Tam, the Vietnamese representative of an international freight forwarding and shipping firm said: “Our service fees are quoted in dollars, but we receive dong from our clients at [...]
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May 18, 2009
Tellers count dollar notes at an Eximbank branch in Ho Chi Minh City The foreign exchange market has become strained as firmsâ demand for dollars has exceeded purchased supplies of commercial banks, forcing many firms to buy the greenback on the black market at higher prices. The situation has developed over the last three weeks, [...]
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April 8, 2009
Car manufacturers have still been quoting sale prices in dollars, even though the quotation in dollars is violating current laws. Meanwhile, with car prices quoted in dollars, customers are having their pockets picked. “This is proving to be a great disadvantage of purchasing cars now, when the dollar price has been skyrocketing,” said Nguyen Ngoc [...]
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March 20, 2009
LookAtVietnam – The State Bank of Viet Nam has ordered commercial banks to stop using derivatives to spot-trade US dollars at exchange rates higher than the capped trading band. “Many banks believe that we should be allowed to use bridge currencies to trade dollars in order to improve dong liquidity, or the market is going [...]
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