The U.S. Treasury has added Vietnam to a currency manipulation watchlist, citing the country's trade surplus with the U.S as a factor.
Vietnam’s central bank has to engage in a delicate balancing act as the US-China trade war exerts inflationary pressures on the dong.
The State Bank of Vietnam (SBV)’s net purchase of foreign currencies exceeded US$11 billion in the first half of 2018, increasing the nation’s foreign exchange reserves to approximately US$63.5 billion.
The State Treasury deposited more than VND238.49 trillion (US$10.5 billion) in five commercial banks by the end of last year, up 3.3 times against January.
Commercial banks are optimistic about the foreign exchange market in 2018, noting that the market would be stable with the Vietnamese dong devaluing slightly by some 0.5-1 percentage points to VND22,710 to VND22,950.
The Ministry of Finance (MoF) is demanding more than VND1.9 trillion (US$85 million) in tax arrears from the Electricity of Vietnam (EVN) after uncovering that the group had failed to declare its costs accurately.
Vietnam’s foreign exchange reserves are at an all-time high of US$45 billion, Party General Secretary Nguyen Phu Trong said.
A conference discussing the management of foreign exchange activities in Vietnam-China border trade took place in the northern mountainous province of Lao Cai on May 26.
The fluctuation of foreign exchange in the first quarter was due to a sharp rising import value, according to the National Financial Supervisory Commission (NFSC).
Vietnam is committed to opening the doors to foreign investors and improving market access, and unlocking its foreign exchange hedging market is what the country can consider to do first hand.
A flexible monetary policy supported stability in Vietnam’s financial market and fostered economic growth this year, a National Financial Supervisory Commission (NFSC) official said in Hanoi recently.
The Australia and New Zealand Banking Group Limited (ANZ) successfully appealed to the State Bank of Vietnam to withdraw its Hanoi branch operating licence.
The inclusion of China’s yuan into the International Monetary Fund (IMF)’s basket of reserve currencies will impact finance across the globe, and Vietnam is no exception.
VOV.VN - Vietnam banks have been awarded by Asiamoney, a prestigious financial magazine in Asia.
So far this year the State Bank of Vietnam has bought over US$10 billion in foreign exchange, increasing the country’s reserves to a record high of more than US$40 billion.
The State Bank of Vietnam (SBV) will control credit growth and direct capital to areas of priority from now to the year end towards safety and effectiveness, said Governor of SBV Le Minh Hung.
Overseas remittances transferred to Ho Chi Minh City reached US$ 2.5 billion in the past seven months, representing a 4.16% rise year on year.
Vietnam’s foreign exchange reserves, exclusive of gold, reached a record high of US$38 billion in mid-June, said State Bank of Vietnam Governor Le Minh Hung.
Local exporters were introduced to a string of safeguards measures applied in foreign markets and an early warning system that could help them avoid possible risks.
Remittances to HCM City in the past four months reached more than US$1.3 billion, up US$211 million against the previous month.