January 23, 2012
Vietnam’s benchmark stock index on January 19 rose the most in seven months and the currency rallied to a one-month high on speculation the central bank will cut interest rates and limit declines in the dong. The Ho Chi Minh City Stock Exchange’s VN Index climbed 3 percent to 373.43 at the 11 a.m. [...]
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November 28, 2011
The central bank has completed a plan to restructure the banking system. Vietnam’s central bank said it will consider lowering the dong deposit rate cap in December, admitting that the cap has created an advantage for large banks over smaller lenders. The 14 percent cap was introduced at the end of 2010, but until last [...]
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November 25, 2011
Vietnam increased penalties for foreign currency trading violations last month Vietnam’s central bank has imposed stiff penalties on two companies and a university in Hanoi for violating regulations on U.S. dollar trading and illegally listing prices in the foreign currency. The combined fine of VND650 million (US$30,940) showed that the State Bank of Vietnam is [...]
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November 19, 2011
US President Barack Obama (R) listens as Chinese Premier Wen Jiabao speaks during their meeting on the sidelines of the Association of Southeast Asian Nations (ASEAN) and East Asia summits in Nusa Dua, on Indonesia’s resort island of Bali, on November 19. Of all the people Barack Obama thought he would be running against next [...]
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November 6, 2011
Legislators say all depositors at banks should be protected A draft law plans to restrict deposit insurance to local currency deposits only, sparking concerns of a mass withdrawal of dollars from banks. According to the National Assembly’s Economic Committee, it’s necessary to stop providing insurance cover for foreign currency deposits to support the government’s policies [...]
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October 21, 2011
Vietnam’s dong had its worst week in two months as the central bank set the currency’s fixing lower in an attempt to narrow the gap between the official and unofficial exchange rates. Government bonds fell. The State Bank of Vietnam lowered the reference rate four times this week, setting it at the weakest level [...]
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October 18, 2011
Vietnam’s dong on Tuesday fell to the weakest level in almost six months as the central bank set the currency’s reference rate lower. Government bonds were steady. The State Bank of Vietnam set the daily rate 0.1 percent weaker at 20,723 per dollar, the eighth time this month it fixed a lower level, according [...]
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October 15, 2011
Vietnam’s dong gained, halting a three-day loss, after the central bank pumped in dollars to the currency market amid rising demand for the greenback. Bonds rose. The State Bank of Vietnam sold $150 million this month to stabilize the dong, the Thoi Bao Ngan Hang newspaper reported Friday. The currency strengthened to about 21,350 [...]
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October 10, 2011
The central bank aims to keep the exchange rate stable The State Bank of Vietnam said it will keep the exchange rate stable, even as the dong has showed signs of weakening due to increasing dollar purchases for import and debt payments. The central bank said last week it aims to keep the rate stable [...]
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October 8, 2011
Vietnam’s central bank increased its refinancing rate for the first time since May, as the nation tries to steady its currency and tame Asia’s fastest inflation. The State Bank of Vietnam raised the refinancing rate to 15 percent from 14 percent, effective Oct. 10, it said in a statement on its website Thursday. The [...]
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