January 14, 2010
LookAtVietnam – The dollar price, both the exchange rate quoted by commercial banks and the price on black market, has been decreasing after efforts by government agencies to stabilize the forex market. The State Bank of Vietnam announced the interbank exchange rate of 17,941 dong per dollar for January 12, a rate which has been [...]
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December 15, 2009
LookAtVietnam – The increase of the dollar value against the dong has made steel producers suffer, as they have to pay in dollars to import materials for domestic production. Commercial banks have urged businesses to pay bank debts in order to reduce outstanding loans. In order to curb inflation the banks have been told that [...]
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December 15, 2009
LookAtVietnam – The supply and demand of dollars is still far from balanced, despite strong commitments by SBV and commercial banks to sell dollars and stabilize the market. SBV has committed to sell foreign currencies to banks with shortages of minus five percent and higher. Meanwhile, the eight largest commercial banks have committed to sell [...]
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December 8, 2009
LookAtVietnam – The sharp dollar price increases have hurt a lot of businesses. Others are immune from ‘dollar fever’ because they can negotiate payments in dong. Smart deals Though it’s Government policy to prevent the ‘dollarisation’ of the national economy – requiring that all transactions in Vietnam be expressed and settled in dong, the national currency – [...]
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December 4, 2009
LookAtVietnam – Both the free market exchange rate and the rate quoted by commercial banks decreased yesterday December 3. The dollar buying and selling rates quoted by banks decreased yesterday in the fourth consecutive day. Vietcombank’s rates were 18,473-18,483 dong per dollar (purchase and sale). In the free market, the dollar price also eased slightly. In [...]
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December 1, 2009
LookAtVietnam – Almost a week after the central bank raised the official dong/dollar exchange rate, the foreign currency market has begun cooling down. On November 30, the interbank exchange rate had eased by five dong per dollar to 17,956 dong. Commercial banks were selling the dollar to customers at 18,495 dong per dollar, the maximum [...]
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December 1, 2009
Though lending to people who bet on gold is a big source of profits for many banks, the directors of a certain bank are sounding a warning. Short sales & real obligations “It was thousands of speculators making short sales and then being forced to make a real purchase of gold that was the main [...]
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November 30, 2009
LookAtVietnam – Export companies are delighted by the new decision by the State Bank of Vietnam to adjust the dong/dollar rate. The weaker dong means bigger profits. Ben Tre Seafood Import-Export Company (ABT) calculated that the company will make 800 dong in profit for every dollar’s worth of exports. They expect to operate well in [...]
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November 27, 2009
LookAtVietnam – Prices will increase on at least 500 consumer products say domestic producers and suppliers. Suppliers of imported canned food, spices and confectionary have sent new price quotes to food shops, informing them that confectionary products imported from Europe will have price increases by 10 percent over the previous Tet. Meanwhile products from Europe [...]
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November 26, 2009
LookAtVietnam – Analysts say Vietnam needs to take special, and even harsh measures, in such a critical situation. The foreign currency market has been too hot for the last two months. Export companies, which earn in foreign currencies, refuse to sell dollars to banks, believing dollar prices would riser further. Meanwhile, import companies either cannot [...]
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