November 19, 2011
A worker walking a bicycle loaded with construction steel on his way to a construction site in Hanoi The frozen property market and high interest rates have pushed steel producers into the red and some even face the risk of shutting down their business. Pham Chi Cuong, chairman of the Vietnam Steel Association, said [...]
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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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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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July 30, 2011
Banks in VIetnam have stepped up sales of the dollar as they anticipate a move to reduce their dollar holdings, even as they compete to mobilize more of the greenback to meet increasing demand for dollar loans. “Buying foreign currencies now is easier than ever,” said Dao Duy Kha, deputy general director of Vietnam [...]
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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 2, 2010
LookAtVietnam – Commercial banks have purchased $450 million from state owned conglomerates and general corporations since the beginning of January 2010. The move follows a Government request for dollars to be sold to help stabilize the foreign currency market. The information was released by the deputy governor of the State Bank of Vietnam Nguyen Dong Tien [...]
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January 29, 2010
LookAtVietnam – HCM City’s black market has become more busy than ever, as now is the kieu hoi (overseas remittance) and travel season. The year’s end is always time for overseas Vietnamese to remit money to their relatives so that they can enjoy Tet. Those who receive kieu hoi sell dollars for dong to make [...]
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January 27, 2010
LookAtVietnam – People will have their foreign currencies temporarily seized if they sell money to gold shops, the State Bank of Vietnam has warned. The demand for selling and purchasing foreign currencies is increasing in the kieu hoi (overseas remittance) season. People don’t want to sell kieu hoi to banks, why? Overseas remittance service companies all [...]
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December 24, 2009
LookAtVietnam – Though the State Bank of Vietnam has applied stable interest and exchange rate policies in 2009, the market still see-sawed at times. Monetary policies stable For 2009, monetary policies became more stable than in 2008, when policies were adjusted regularly. In 2008, the basic interest rate was adjusted eight times, the compulsory reserve ratio [...]
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December 16, 2009
Many businesses have borrowed foreign currencies to enjoy low interest rates. However, in many cases, the foreign currency loans have done more harm than good. Nguoi Lao Dong looks at the case of Pha Lai Thermopower Company, which has suffered big losses, not because of the bad business performance but because they got hammered by [...]
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