At a group meeting of the National Assembly on socio-economic affairs on May 22, PM Phuc said the exchange rate has been also stable and inflation has kept under control. Experts attributed the stability to factors such as the State Bank of Vietnam (SBV)’s flexible central rate management mechanism, which ensured that the domestic foreign exchange market was less affected by global factors. PM Nguyen Xuan Phuc was at a group meeting of the National Assembly on May 22. Photo chinhphu.vn 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. The SBV affirmed it would continuously try to build up the country’s foreign reserves this year to cushion external shocks, besides supporting efforts to stabilize the forex market. Fitch Ratings recently also forecast that Vietnam’s foreign … [Read more...] about Vietnam’s foreign reserves hit 64 billion USD
Vietnam foreign exchange control
Vietnam’s foreign reserves hit US$63 billion as of April
Vietnam’s foreign exchange reserves grew to a record high of almost US$63 billion as of the end of April, a senior Government official has stated. Vietnam purchased an additional US$32 billion over the past two years Chairman of the Government Office Mai Tien Dung informed the media that Vietnam purchased an additional US$32 billion over the past two years. He said that large reserves will provide more room for the State Bank of Vietnam to implement its monetary policy, especially in helping to maintain stability in exchange rates. In 2017, the exchange rate between the US dollar and the Vietnamese dong increased by just 1.2 percent, lower than the 2 pct target set by the government. According to the National Financial Supervisory Commission, the USD/VND rate continued to remain stable in the first quarter of 2018 and was supported by a strong supply of foreign currency. The exchange rate stood at VND22,463 per US dollar as of March 29, up 0.21 pct against the end of … [Read more...] about Vietnam’s foreign reserves hit US$63 billion as of April
Stable interest and exchange rates forecast for 2018
(VEN) - Macroeconomic developments and the impact of the international financial market signal a low probability of lower interest rates in 2018. At the same time, stable exchange rates and a high trade surplus are forecast for the year. Difficulties for lowering interest rates A recent government resolution requires the State Bank of Vietnam (SBV) to strive for lowered interest rates. However, according to economists, this goal can only be achieved with the support of macroeconomic developments and the international financial market. Dr. Tran Du Lich, a member of the Prime Minister’s Economic Advisory Group, said the Vietnamese economy would undergo positive changes in 2018. This assessment is based on an estimated GDP growth of more than 7.1 percent in the first quarter of the year. Regarding interest rate policy, in order to force interest rates down and expand lending, rediscount must be increased, lending activities intensified and inflation controlled. “To some … [Read more...] about Stable interest and exchange rates forecast for 2018
Exchange rate to stabilise in 2018
Despite the high devaluation of the Vietnamese dong against the US dollar after Tet (Lunar New Year) holidays, experts believe the exchange rate will remain stable this year. They attribute it to stable macroeconomic factors. The dong devalued by some VND50 against the dollar in the past week, staying at VND22,790-22,800 for selling and VND22,700-22,725 for buying at commercial banks. On Wednesday, Vietcombank listed the dollar at VND22,725 and VND22,795 for buying and selling, respectively, up by VND10 against Wednesday. The same rise of VND10 was also seen at Agribank, which quoted the dollar at VND22,715 and VND22,790 for buying and selling, respectively. At BIDV, the US dollar was traded at VND22,720 for buying and VND22,790 for selling, an increase of VND5 in both compared to Wednesday. The green back was bought at VND22,713 and sold at VND22,793 at Vietinbank, both up by VND11 against Wednesday. After increasing the daily reference exchange rate by VND10 on Wednesday, State Bank … [Read more...] about Exchange rate to stabilise in 2018
PM Nguyen Xuan Phuc urges Australian businesses to invest in Vietnam
Australian investors should come to Vietnam now to find their own chances among many available opportunities, the PM said. As the most important investment promotion event in the framework of PM Phuc’s visit, the event saw the participation of hundreds of enterprises and investors of the two sides. At the event, PM Phuc and Government officials of the two countries witnessed the exchange of 18 memoranda of understanding on investment cooperation between their enterprises and organizations. Addressing the business audience, PM Phuc expressed his pleasure to witness the signing of investment cooperation agreements between the two countries’ enterprises at the event, including the plan of low-cost carrier Vietjet Air to open a direct air route linking Vietnam and Australia. This will make it easier for promoting investment collaboration between Vietnamese and Australian enterprises, he stressed. PM Nguyen Xuan Phuc The PM also said the upgrade of … [Read more...] about PM Nguyen Xuan Phuc urges Australian businesses to invest in Vietnam