The Government has issued a decree specifying regulations on administrative fines for violations in the monetary and banking sectors.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is opening the door wide for Vietnamese tra fish, a major foreign currency earner, to enter the markets of 10 other members of the deal.
Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of VND30 million (some US$1,300) per day for international credit and debit cards from early this year to meet a central bank regulation.
Remittances to Vietnam have increased despite the rise in USD price against other currencies and the zero interest rate for foreign currency savings, factors experts said would impact remittance flow.
Vietnam has been advised to carefully consider whether to borrow official development assistance (ODA) loans in the future.
Governor of the State Bank of Vietnam (SBV) Le Minh Hung has recently directed the entire banking industry to strictly control foreign currency lending to better minimise dollar speculation and fight against dollarisation in the economy.
The recent increase in the VND/USD exchange rate was due to inside and outside impacts such as some poor sessions in the domestic stock market and the USD price rise globally, according to Pham Thanh Ha, head of the State Bank of Vietnam (SBV)’s Monetary Policy Department.
The amount of foreign currency sent home annually by Vietnamese workers in other countries is estimated at US$3 billion on average, heard a policy consultation workshop on “the role of the trade unions in promoting fair recruitment and decent work for overseas migrant workers.”
Remittance inflows to the southern largest economic hub of Ho Chi Minh City in the first five months of this year reached US$2 billion, almost double the figure in the first quarter of 2018.
The State Bank of Vietnam (SBV) has continuously bought in hard currencies in the past few months, raising the country’s foreign reserves to a record high of US$63 billion.
Vietnamese travellers take the most shorts trips in the world, and the trend is expected to be on the rise with more local travel outside of Asia and spend more on their trips, according to Visa Global Travel Intentions (GTI) Survey.
A businessman from Taiwan is facing life imprisonment for conning hundreds of people out of almost US$12 million through an illegal gold trading floor he ran in Vietnam.
VOV.VN - Foreign remittances to Ho Chi Minh City reached US$3.9 billion in the 10 months leading up to November, said Deputy Director of the State Bank of Vietnam (SBV)’s HCM City branch Nguyen Hoang Minh.
Exporters will no longer be allowed to borrow bank loans in foreign currencies beginning next year, if the State Bank of Vietnam (SBV) does not extend a circular regulating the loans.
Credit growth in the 10 months through October reached 13.5%, the National Financial Supervisory Commission said in a latest report.
Many Vietnamese have bought properties in the US, but this has not generated cash flow from Vietnam to the US, according to the State Bank of Vietnam (SBV).
The Government Office last week sent a written document to the central bank governor, referring to the mobilisation of idle gold and foreign currency sources from the people.
The State Bank of Vietnam is drafting a new circular that will allow non-residents with presence in the country to make deposits in both the Vietnamese dong and foreign currency at local banks without residency requirement.
Vietnam’s inflation this year is forecast to reach 2.6 percent barring fluctuations of prices on world markets and adjustment in the cost of public services, the National Financial Supervisory Commission (NFSC) reported on June 12.
Money laundering mostly goes unpunished in Vietnam because cash is the main form of payment and relevant legislation is murky.