The dong is among the steadiest currencies in ASEAN. — VNA/VNS Photo The US is refraining from labelling Viet Nam a currency manipulator based on new data the country had provided to the Treasury Department, Bloomberg reported late last week, citing a person familiar with the matter. Earlier, it was reported that Viet Nam had been at risk of the designation amid plans by President Donald Trump’s administration to lower the threshold for labelling potential manipulators. The latest news came after in recent weeks, Viet Nam provided additional data aimed at showing the US Treasury it wasn’t holding down the value of the Vietnamese dong. Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh visited Washington on May 22-23, where he met with a number of US officials, including Treasury Secretary Steven Mnuchin last Thursday. According to a statement by the Vietnamese Ministry of Foreign Affairs, at the meeting with Minh, Mnuchin said trade and … [Read more...] about US won’t label Viet Nam a currency manipulator
Forex viet nam
State Bank of Viet Nam to keep calm and carry on
A customer performs a transaction at Vietcombank's headquarters in Ha Noi. The State Bank targets a 13 per cent increase of total means of payment and credit growth of 14 per cent this year. — VNA/VNS Photo Tran Viet The State Bank of Viet Nam (SBV) would continue to follow a pro-active and flexible monetary policy as well as working in close conjunction with fiscal and other policies to control inflation and support economic growth in 2019. SBV Deputy Governor Nguyen Thi Hong made the statement at a banking forum titled "For Vietnamese Banks Further Development" held in yesterday Ha Noi. Hong said the central bank targeted a 13 per cent increase of total means of payment and credit growth of 14 per cent this year, but adding adjustments could be made in accordance with the situation. The SBV would help stabilise the monetary market through the use of open market operation (OMO) measures to regulate liquidity among credit institutions. At the same time, the central bank … [Read more...] about State Bank of Viet Nam to keep calm and carry on
Private capital is key for Việt Nam’s energy development: WB report
Việt Nam’s energy sector needs private investment for more development. — Photo congthuong.vnViet Nam News HÀ NỘI – New financial sources, especially from the private sector, will help Việt Nam further develop its energy industry, according to a new World Bank report on Việt Nam’s energy development. The report on Maximising Finance for Development in Việt Nam’s Energy Sector said the changing macroeconomic and sectoral context in Việt Nam needed new financial sources for electricity and gas investment activities. It presented an action plan on opening new sources of capital, especially from the private sector, based on a comprehensive analysis of investment demand as well as constraints in the existing legal environment including the capital and forex markets. From now until 2030, Việt Nam’s electricity sector needs new investment of about US$10 billion annually, higher than the average of $8 … [Read more...] about Private capital is key for Việt Nam’s energy development: WB report
Central bank may sell $4-10b to stabilise forex market: HSC
Viet Nam News HÀ NỘI — The State Bank of Việt Nam (SBV) could sell from US$4-10 billion to commercial banks this year to stabilise the foreign exchange market if necessary, HCM City Securities Corporation (HSC) forecast. According to HSC’s latest report, after selling $2 billion in recent weeks, the SBV was closely monitoring the market and was ready to intervene again. HSC analysts believed that the SBV would pursue a flexible policy to stop the rising US dollar/đồng exchange rate rather than reducing the rate. HSC also kept its previous forecast unchanged that the US dollar would strengthen by 3 per cent against the đồng this year if the ICE US dollar index fluctuated at around 94-97 points and the US dollar/yuan exchange rate was set at around 6.8-7 points from now to the end of this year. HSC noted that it would revise the forecast if one of the two above assumptions did … [Read more...] about Central bank may sell $4-10b to stabilise forex market: HSC
Viet Nam’s foreign reserves hit US$64bn
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