Rates for India’s 5 percent broken parboiled rice fell by $3 per tonne to $389-$393 per tonne this week. “Rupee depreciation is allowing us to lower prices, but at the same time competitors are also lowering their quotes,” said an exporter based at Kakinada in the southern state of Andhra Pradesh. The Indian currency fell to a record low against the dollar on Thursday. Farmers in India had planted summer-sown paddy rice on 30.78 million hectares as of Aug 10, down 2.9 percent from a year ago due to scant rainfall. Monsoon rains in India are likely to be below-normal levels in 2018, a private weather forecaster said earlier this month, raising concerns over farm output and economic growth in Asia’s third-biggest economy, where half the farmland lacks irrigation. The falling rice prices in India also weighed on the market in Vietnam, the third largest exporter, but rates for the country’s 5 percent broken variety were unchanged at $395-$400 a tonne. … [Read more...] about Asia Rice: Dip in Indian rates on rupee weakness dulls Vietnam offers
Vietnam to indian currency
VND to remain steady until year’s end
The VND is seen as one of the least depreciated currencies in the region, Photo: Le Toan FX on fire The daily fixing last Thursday set itself again to a record high of VND22,662 a dollar, adding VND13 a dollar on top of the previous day’s rate, before slightly cooling down to VND22,660 on Friday. Across local commercial banks, the FX rate was reported as edging up last Friday, following a sideways movement seen days before. Each dollar was sold at VND23,095-23,125 and bought at VND23,000-23,030 a dollar, with VND10-20 added on both the buy and sell sides. The upswing of the daily fixing and FX rates in the local market happened in response to the greenback gaining power against other major currencies, with the dollar index breaking the 95.00 figure last week. With the daily rate consistently trending upward in the past four weeks, investment advisory manager Phan Dung Khanh at Maybank Kim Eng Securities in Ho Chi Minh City said that the causes were attributed to several … [Read more...] about VND to remain steady until year’s end
Vietnam to weaken dong: report
Vietnam will engineer a decline in the dong of as much as 1 percent this year to support exports, a Bloomberg news agency's report Monday quoted Deputy Prime Minister Nguyen Sinh Hung as saying. Intervention by State Bank of Vietnam, the country's central bank, has led to a depreciation of about 1 percent in each of the past three years, even as foreign investment drove faster economic growth. The currency has dropped 0.4 percent this year, while the Indian rupee gained 8.6 percent, the Philippine peso climbed 6.2 percent and the Thai baht rose 2.5 percent. "We are making the decision to depreciate it a little bit to ensure our exports because there is a good inflow of dollars," Hung said in an interview Sunday while attending the World Economic Forum in Singapore. "Our concern is the appreciation of the Vietnam dong." HSBC Holdings Plc., Europe's biggest bank by market value, this month said the currency would appreciate as foreign investment inflows increase and … [Read more...] about Vietnam to weaken dong: report
Vietnam’s FDI in perspective of competition with Myanmar
The government of Myanmar on January 28, announced the policy on giving eight-year tax break for foreign investors. This country can even prolong the time to draw direct foreign investment (FDI) into economic development projects. Burmese Deputy Railway Minister Lwin Thaung told the media at the recent World Economic Forum (WEF) in Davos, Switzerland, that Myanmar is about to approve the amended Investment Law in late February to replace the one that was issued in 1991. That is a clear message of Myanmar to international community after it performed the first step of democratic reforms. Myanmar’s current economic situation is similar to that of Vietnam 18 years ago, when the US embargo was lifted, creating business opportunities for foreign investors. Although Myanmar’s real potential is not fully informed but this country’s open-door policy has created expectations, as the comment by Jim Rogers, Chairman of the Singapore-based Rogers Holding Group. “If you … [Read more...] about Vietnam’s FDI in perspective of competition with Myanmar
Vietnam signs important agreements with other countries
Foreign visits by Party and State leaders, activities to mark the 50th anniversary of the Ho Chi Minh Trail at Sea and devastating floods in Thailand and Cambodia dominated the news the past week. Foreign visits by Vietnamese Party and State leaders During his stay, General Secretary Trong held talks with General Secretary and President of China Hu Jintao, and met with other top Chinese Party and State leaders including chairman of the Standing Committee of the National People's Congress Wu Bangguo, Premier Wen Jiabao, Chairman of the National Committee of the Chinese People's Political Consultative Conference Jia Qinglin, Vice President Xi Jinping, and Vice Premier Li Keqiang. Both sides informed each other of the situation in their respective countries and discussed measures to further strengthen relations between the two Parties and States. They also exchanged views on regional and international issues of mutual concern and reached a consensus on the results of the talks … [Read more...] about Vietnam signs important agreements with other countries