The Hanoitimes - There remain six challenges to Vietnam`s economy in its quest of rapid and sustainable development. Vietnam is unlikely to face the 10-year-economic crisis in the 2018 - 2019 period, however, there remain six major challenges to the economy, stated a report by state-run Bank for Investment and Development of Vietnam (BIDV). Illustrative photo. Economic crisis unlikely to happen BIDV's experts stated that there were clear signs of economic-financial crisis in Vietnam in each 10 year cycle from 1988 - 1989, 1998 - 1999, and 2008 - 2009, however, there is little evidence that the cycle could be repeated in the 2018 - 2019 period. The BIDV's report pointed to six major differences between the previous and current periods, which include: (1) Vietnam's credit growth has increased at more appropriate rate; (2) the government has stepped up effort to ensure a stable and healthy development of the finance - banking system, while the reasonable … [Read more...] about Vietnam unlikely to face 10-year-economic crisis cycle: Report
Vietnam dong to usd
Vietnam, China to open new border gate pair
Chi Ma Border Gate in Lang Son province (Photo: VNA) Lang Son (VNA) – The official opening of bilateral border gates Chi Ma (Vietnam) – Ai Dian (China) is scheduled to be held on September 10. Chairman of the People’s Committee of Lang Son province Pham Ngoc Thuong on August 30 made a fact-finding tour of the Chi Ma border gate and worked with relevant agencies on the preparation for the launching event in Loc Binh district. He requested the provincial Department of External Affairs and the management board of Dong Dang – Lang Son border gate economic zone as well as local police, border guard and customs forces to continue coordinating with Chinese counterparts to gear up for the opening and urge contractors to complete the installation of equipment while ensuring order and security. Head of the management board of the Dong Dang – Lang Son border gate economic zone Phan Hong Tien said the construction of the No.1 inter-sectoral monitoring house at the … [Read more...] about Vietnam, China to open new border gate pair
Vietnam Airlines to reopen duty-free services
Vietnam Airlines will sell duty-free goods again on its flights beginning this June in co-operation with well-known provider of luxury brands, King Power. Vietnam Airlines will sell duty-free goods again on its flights beginning this June Deputy director of Vietnam Airlines, Le Hong Ha told Dtinews that duty-free goods will be offered again on their international flights which have flight times of three hours or more. "At present, about 30 flight routes have this service including those connecting Vietnam and South Korea, Japan, China, France and Russia," Ha said. The official added that duty-free goods on Vietnam Airlines flights are always provided by large and prestigious suppliers. "We used to co-operate with the Imex Pan Pacific-IPP Group to have our goods sources," Ha said. "This time we will work with another large provider, King Power. According to the Vietnam Airlines' representative, customers can pay using Vietnamese Dong, Japanese Yen, Euro, US Dollar, … [Read more...] about Vietnam Airlines to reopen duty-free services
Vietnam urged to remain cautious about depreciating VND
The Hanoitimes - Exchange rate management should be considered as part of a broader policy to increase the resilience of the economy and stabilize macroeconomic condition. Vietnam should refrain from devaluating its currency, the dong, at this moment in the context of high volatility of the world's major currencies, according to the Central Institute for Economic Management (CIEM). Illustration photo. Caution is a must Previously, the growing trade tension between China and the US has led some to suggest depreciating the VND. "People favoring the weakening the USD/VND rate just look at Chinese yuan (CNY)'s devaluation as a separate fact, but do not take into account trade activities and forex markets," stated the CIEM's quarterly economic report. Nguyen Anh Duong, head of CIEM's Macroeconomic Policy Department, said it is an inappropiate approach to depend solely on currency depreciation to cushion negative impacts on trade. Moreover, … [Read more...] about Vietnam urged to remain cautious about depreciating VND
Central bank allows dong to slide against greenback
The State Bank of Vietnam sold the greenback at VND23,284 on Wednesday, down from VND23,050 last Friday. It fixed a central rate of VND22,654 on Wednesday compared to VND22,634 on Monday, and banks too sold dollars at higher rates, Vietcombank at VND23,250 and Eximbank at 23,260. The higher dollar rates are likely to affect importers, according to industry insiders. When the dong depreciates against the dollar, steel businesses have to pay higher prices for feedstock, a source from the Vietnam Steel Association, who asked not be named, told VnExpress International. “But it’s too early now to say how this weakening of the dong will affect steel firms.” Economist Nguyen Tri Hieu said that import firms would continue to suffer because of a strong USD and he estimated it to strengthen by 1-3 percent this year against the Vietnamese currency. But export businesses would enjoy the stronger dollar, he said. They should seek to expand and take foreign currency loans … [Read more...] about Central bank allows dong to slide against greenback