Viet Nam News HÀ NỘI — The central bank’s daily reference exchange rate of the US dollar against the Vietnamese đồng has been adjusted up slightly in recent sessions, pushing it to the highest level since early this year. On Monday, the central bank appreciated the value of the dollar against the đồng by VNĐ5 over last Friday to VNĐ22,755 per dollar, the highest rate since January 2018. On Tuesday, the central bank kept the rate unchanged. With the current trading band of +/- 3 per cent, the ceiling rate applied by commercial banks for Tuesday is VNĐ23,437 per dollar and the floor rate is VNĐ22,073 per dollar. At commercial banks, the price of the dollar saw decreases on Tuesday. Vietcombank posted VNĐ23,260-23,350 per dollar for its buying and selling rates, down by VNĐ15 from Monday. At BIDV, the buying and selling rates were VNĐ23,255-23,345 per dollar, down by VNĐ45. Techcombank cut the … [Read more...] about Central bank’s exchange rate hits highest level in months
Sonali bank foreign exchange rate
VN exporters cope with foreign exchange rate fluctuation
As the exchange rate between USD and Vietnamese dong has surged in the past two months, exporters are eager for extra profits they can earn for each batch of goods. However, importers will have to pay more for their goods. Each year, Aprocimex, a company operating in agriculture sector, has to import nearly 25 million USD worth of goods for manufacturing materials, therefore foreign exchange rate fluctuations are a huge concern. Despite rapid increases in the exchange rate with about 1.6 percent since June, the company has not been affected by the fluctuation as it has prepared its financial plan. Doan Trong Ly, Chairman of Aprocimex Import-export and food processing Joint Stock Company said: "Reasonably high or low exchange rate will not effect enterprises, but if it varies from 2- 3 percent then enterprises have to recalculate their financial resources." Importing nearly 1.3 million USD worth of materials, Viettrust JSC, however, estimated it may suffer a loss of nearly 22,000 … [Read more...] about VN exporters cope with foreign exchange rate fluctuation
Exporters cope with foreign exchange rate fluctuation
As the exchange rate between USD and Vietnamese dong has surged in the past two months, exporters are eager for extra profits they can earn for each batch of goods. However, importers will have to pay more for their goods. Each year, Aprocimex, a company operating in agriculture sector, has to import nearly 25 million USD worth of goods for manufacturing materials, therefore foreign exchange rate fluctuations are a huge concern. Despite rapid increases in the exchange rate with about 1.6 percent since June, the company has not been affected by the fluctuation as it has prepared its financial plan. Doan Trong Ly, Chairman of Aprocimex Import-export and food processing Joint Stock Company said: "Reasonably high or low exchange rate will not effect enterprises, but if it varies from 2- 3 percent then enterprises have to recalculate their financial resources." Importing nearly 1.3 million USD worth of materials, Viettrust JSC, however, estimated it may suffer a loss of nearly … [Read more...] about Exporters cope with foreign exchange rate fluctuation
Reference exchange rate adjusted down on July 4
Illustrative image (Source: VNA) Hanoi (VNA) – The State Bank of Vietnam cut 5 VND from the daily reference exchange rate for July 4, setting the rate at 22,630 VND/USD. With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,309 VND/USD and the floor rate 21,951 VND/USD. The rates listed at some commercial banks saw mixed changes, with Vietcombank reducing both rates by 5 VND but several others continuing to raise their rates. The rates listed at Vietcombank were 23,000 VND/USD (buying) and 23,070 VND/USD (selling). BIDV added 20 VND to both rates, buying the green back at 23,010 VND/USD (buying) and selling at 23,080 VND/USD. Techcombank is listing the buying rate at 22,980 VND/USD, up 50 VND from the previous day and the selling rate at 23,080 VND/USD, up 40 VND. The reference exchange rate has been on a downward trend since the beginning of this week, but the rates listed at commercial banks … [Read more...] about Reference exchange rate adjusted down on July 4
Volatility returns to foreign exchange rates
Vietcombank decided to reduce the dong’s value by VND45, setting its dollar buying rate at VND22,820 and selling price at VND22,890.— Photo ndh.vn On May 29 the State Bank of Viet Nam adjusted the dong-US dollar exchange rate, weakening the Vietnamese currency by VND9 to VND22,605 per dollar, which represented the greenback’s biggest rise so far this year. Following the central bank’s move, many banks immediately adjusted their exchange rates. Vietcombank decided to reduce the dong’s value by VND45, setting its dollar buying rate at VND22,820 and selling price at VND22,890. The exchange rate on the open market stood at VND23,000 to the dollar. But on the following day (May 30) the dollar lost value. Eximbank cut its buying and selling rates by VND50 to VND22,770 and VND22,860, and Vietcombank by VND35 to VND22,785 and VND22,855. The SBV reduced the interbank exchange rate by VND15 to VND22,590 per dollar. The sharp fluctuations belied the predictions of … [Read more...] about Volatility returns to foreign exchange rates