Viet Nam’s foreign reserves has increased by 130 per cent to nearly US$64 billion in the past two-and-a-half years, Prime Minister Nguyen Xuan Phuc said. At a group meeting of the National Assembly on socio-economic affairs on Tuesday, Phuc said the exchange rate has been also stable and inflation has kept under control. Experts attributed the stability to factors such as State Bank of Viet Nam (SBV)’s flexible central rate management mechanism, which ensured that the domestic foreign exchange market was less affected by global factors. In addition to this, the domestic supply-demand relationship with the dollar was relatively stable, thanks to foreign currency supply from exports, foreign investment, official development assistance, tourism and remittances. SBV affirmed it would continuously try to build up the country’s foreign reserves this year to cushion external shocks, besides supporting efforts to stabilise the forex market. Fitch Ratings recently also … [Read more...] about Viet Nam’s foreign reserves hit US$64bn
Forex viet nam
Việt Nam’s đồng devalues 1.1-1.2% in 2016
Viet Nam News HÀ NỘI - The State Bank of Việt Nam (SBV) has reaffirmed its determination to pursue a proactive and flexible monetary policy in 2017. The aim is to achieve the goals of high economic growth and price stability in the context of volatile monetary policies of major countries, according to a statement made during an online conference between the government and local authorities on Thursday. The world economy is forecast to remain unpredictable next year, with a number of countries likely to exploit currency devaluations to support their trade. SBV Governor Lê Minh Hưng suggested the government stick to its objectives of controlling inflation and stabilising the macro-economy to ensure sustainability for the whole economy. However, the head of the monetary authority said macroeconomic policy management should limit the use of monetary policy instruments as a substitute for fiscal and budget measures. "I also discussed this issue with the minister of finance to assign … [Read more...] about Việt Nam’s đồng devalues 1.1-1.2% in 2016
Barclays remains bullish on Viet Nam’s economy
Barclays remains bullish on Viet Nam's economy (30-05-2007) HA NOI — Barclays Capital, the investment banking arm of Barclays Bank, last week issued a relatively positive outlook on the Vietnamese economy, despite inflationary pressure and a potential current account deficit. The outlook, which calls Viet Nam "an improving credit story", forecasts the economy to continue growing by around 8 per cent per annum over the next two to three years, very much in line with forecasts from the Asian Development Bank and International Monetary Fund. "We continue to believe that the combination of high growth and improvement in Viet Nam's balance of payments profile should lead to Moody's upgrading its B3 sovereign rating by one notch by the end of the year," the bank said in its research paper dated on 22 May. Moody's last March placed a positive outlook on Viet Nam's sovereign rating, up from stable. Barclays Capital said that growth, however, may be kept in check this year, in part due to … [Read more...] about Barclays remains bullish on Viet Nam’s economy
Investors aware of Viet Nam’s long-term potential
HCM CITY — International investors of four funds under the management of the VinaCapital Group recognise Viet Nam's long-term potential but are concerned about the country's struggle to contain inflation. VinaCapital chairman Terry Mahony said: "In the short term, Viet Nam still faces challenges including high inflation and interest rates, which cause pressure to investment funds." Andy Ho, head of investment, said that investors were worried about the dong weakening and would make decisions only if they discovered opportunities unaffected by the forex-rate risk. However, he said inflation was trending down and should be around 12-14 per cent for 2012. "The most important thing is that the Government should stick to the current policy to ensure stability, as well as invest more aggressively and more efficiently in infrastructure and education and training," he said. He added that this development would help improve productivity, thus attracting investors. VinaCapital CEO Don Lam … [Read more...] about Investors aware of Viet Nam’s long-term potential
Viet Nam’s Forex Reserves Reach US$12 billion
These forex reserves, which increased from a level equal to eight-week importation in 2000, enable the central bank to keep the market in control and avoid adverse impacts by forex rates. The greenback has become 1.1% stronger than Vietnamese dong so far this year, and the rate over the past three years is 3%. The State Bank has conducted its forex policy based on the 'basket of currencies' principles, weighting amounts of the currencies of nations having trade ties with Viet Nam instead of only the greenback. … [Read more...] about Viet Nam’s Forex Reserves Reach US$12 billion