VOV.VN - The Vietnamese dong (VND) will weaken only slightly during the remaining months of 2019, with the 2019 average predicted to slide to VND23,300/USD, from the previous forecast of VND23,440/USD, in light of the currency’s stability over the year’s first half.
Vietnam’s economic growth could reach 6.9 per cent in 2019, an increase of 0.1 per cent compared to the 2019 socio-economic development plan adopted by the National Assembly, in the context that Vietnam is benefiting from the US-China trade war.
The State Bank of Vietnam (SBV)’s revision of the USD selling price up to VND23,273 on July 23, a strong increase from the rate it had kept from the month’s beginning, is a move suitable with domestic and foreign markets, an SBV official said.
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 VND remained resilient against external factors including the stronger greenback and the weakened Chinese yuan, with a forecast for the dong to devalue by some 1% by the end of the year to short up exports.
VOV.VN -Lawmakers on November 17 continued their Q&A session with Governor of the State Bank of Vietnam (SBV) Le Minh Hung on issues relating to taxes, public debt, and monetary policy management.
The Vietnam Asset Management Company has decided to hike its reference interest rate on bad debts to 9.9% from the fourth quarter, up from 9.7%.
The policy of zero interest rate on USD deposits is showing some shortcomings and the State Bank of Vietnam (SBV) may need to increase it, especially in light of certain pressures on the VND/USD exchange rate.
The reference exchange rate for Vietnamese dong against the US dollar was announced at VND21,952 per USD for October 4 morning, up VND1 from the day before.
Vietnam’s garment and textile exports in the first half of this year reached US$12.6 billion, a year on year increase of 4.72% and accounted for 41% of the sector’s target for 2016.
Vietnam’s monetary policies resemble China’s in many respects. Two prime examples are the control of capital flows and market interest rates, including the application of ceiling deposit interest rates.
The State Bank of Vietnam (SBV) on February 17 announced the reference rate for the Vietnam dong against the US dollar as VND21,895 per dollar, up VND11 compared with the previous day.
The State Bank of Vietnam (SBV) Operation Centre adjusted the reference exchange rate between the Vietnamese dong (VND) and the USD up by VND90 on the morning of December 15.
The recent inclusion of the Chinese yuan (CNY) to the reserve currency basket of the International Monetary Fund (IMF) will not have any significant impacts on Vietnam’s economy, experts said, adding that it takes at least six months or even a year to see any impacts.
The State Bank of Vietnam (SBV) has increased the average inter-bank exchange rate between the VND and USD applicable to August 19 by 1%, from VND21,673to VND21,890 per US$1.
As the greenback has been soaring against the dong in recent weeks, financial commentators have suggested this may be a result of dollar speculation in the forex market.
The recent sharp increase in foreign exchange following the appreciation of the greenback on the world market has sparked public concerns over further depreciation of the Vietnamese dong.
HSBC and ANZ gave positive reviews on the State Bank of Vietnam (SBV)’s decision to raise the VND/USD daily reference rate by 1% starting from January 7.
(VOV) -Economist Nguyen Minh Phong has suggested that Vietnam should not accept the proposal by the Chinese Business Association and the Industrial and Commercial Bank of China for direct trading between Chinese currency Renminbi (RMB) and Vietnamese currency Dong (VND) in the country.
Domestic gold prices increased substantially on August 27 in line the global market trends.