September 11, 2011
Foreign debt accounted for 42.2 percent of Vietnam’s GDP in 2010, up from 39 percent in 2009. Vietnam should focus on decreasing the current account deficit and approaching foreign exchange rate fluctuation with caution, economist Tran Du Lich told Thanh Nien Weekly in an interview. Thanh Nien Weekly: Foreign debt accounted for 42.2 percent of [...]
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September 9, 2011
The dong’s chronic weakness has repelled foreign investors and hampered attempts by Vietnam’s policymakers to reverse the faltering fortunes of an economy that only five years ago was one of Asia’s most promising. Until Vietnam rebuilds trust by decisively taming the region’s worst inflation and narrowing sizable trade and budget deficits, the risks of [...]
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February 25, 2011
A man places stacks of dong and US dollar notes inside a bag at a bank in Ho Chi Minh City. The State Bank of Vietnam devalued the dong by 9.3 percent on February 11 in an effort to minimize the gap between the official and black market exchange rates. Following the move, the dong [...]
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February 21, 2011
Vietnam’s large currency devaluation this month will likely weaken asset quality at the country’s banks, while exacerbating liquidity management problems, Moody’s Investors Service said on Monday. A depreciating dong and heightened concerns about asset quality would delay banks’ plans to sell shares to foreign strategic investors, it said in a statement. The State Bank [...]
Tags: Asset, Asset Quality, banks, Denominated, Devaluation, dollar, Liquidity, Liquidity Management, Moody, percent, quality, The country, The Devaluation, The Dollar, The Dong, This month, Vietnam
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February 20, 2011
The dollar has gained around VND1,000 over the past week The US dollar surged to a record high of VND22,200 on the unofficial market on Friday, one week after the central bank devalued the dong by 9.3 percent. News website VnExpress reported that even though market activity remained almost the same without any significant changes [...]
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November 8, 2010
A foreign tourist visits the northern resort town of Sa Pa The recent weakening of the dong against the dollar has not enabled travel agencies to attract more foreign visitors, instead, higher costs of outbound tours have actually reduced their profit margins. On the so-called black market, the dong weakened to as much as 20,940 [...]
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November 27, 2009
A bank staff counts US dollar notes at an Asia Commercial Bank branch in Ho Chi Minh City The central bank has devalued the dong and raised interest rates earlier than expected in an attempt to rein in accelerating inflation and a widening trade deficit that is eroding confidence in the local currency. The State [...]
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September 19, 2009
Vietnam’s central bank governor, Nguyen Van Giau, said on Thursday the dong was being managed “with flexibility, as normal”, a day after his predecessor was quoted recommending a small devaluation. Asked whether the central bank had plans to allow the currency to depreciate quickly, Giau said: “I have no comment. Nothing at all.”On Wednesday, the [...]
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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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March 5, 2009
The State Bank of Vietnam (SBV) should widen the US dollar trading band to help commercial banks set exchange rates more flexibly, a former central bank chief said. SBV ex-governor Cao Sy Kiem told Thanh Nien Daily: “In 2009 the exchange rate will see a lot of volatility. We should flexibly adjust the rate, not [...]
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