SBV acts for foreign exchange stability (18-09-2008) SBV starts purchasing foreign currency and depreciated the dong by 0.03 per cent against last Friday, bringing the US dollar exchange rate to VND16,514. — VNS Photo Viet Thanh HA NOI — The State Bank of Viet Nam started purchasing foreign currency and yesterday depreciated the dong by 0.03 per cent against last Friday, bringing the US dollar exchange rate to VND16,514. The moves, made in the context of a local oversupply of US dollars, were designed to stablise the foreign exchange market (FX), State Bank Governor Nguyen Van Giau told Viet Nam News. The value of the dong has fallen by 19-20 per cent against the US dollar since early September. At commercial banks last week, US dollars were going for VND16,600, while on the black market, US dollars gained only a little more at around VND16,620. With the daily trading band currently at minus/plus 2 per cent, banks can list dollars at a maximum of VND16,844 and a … [Read more...] about SBV acts for foreign exchange stability
Foreign exchange management act
In Briefs (30-04-2009) VIB to provide foreign exchange services HA NOI — The State Bank of Viet Nam (SBV) has allowed the Viet Nam International Commercial Joint Stock Bank to provide foreign exchange services. VIB will be permitted to conduct foreign exchange services as follows: spots, forwards, futures, options and other types of FX transactions in line with international practices. The bank will also deal with mobilisation, lending and guaranties in foreign currencies in various forms set by the SBV, acting as the issuer and issuing agent of international payment cards, domestic and international remittances and settlements, acceptance of and payments in foreign currencies and discounting and rediscounting valuable papers in foreign currencies. CPCNet Hong Kong provides Virtual Private Network HA NOI — Viet Nam Data Communications Company (VDC) and CPCNet Hong Kong Ltd signed a co-operation agreement on providing the Virtual Private Network (VPN) in Viet Nam. A VPN is a … [Read more...] about VIB to provide foreign exchange services
Ministry acts to enforce foreign-exchange rules (19-05-2009) HCM CITY — The Ministry of Industry and Trade has instructed its agencies to immediately crack down on violations of the ban on advertising and quoting prices in foreign currencies. In a statement issued last Friday, Minister Vu Huy Hoang ordered the Market Management Agency to speed up enforcement of foreign-exchange regulations. Market watch forces have been told to throw the book at those found flouting Article 22 of the Foreign Exchange Management Law, which prohibits quoting prices of goods and services in foreign currencies. The Market Management Agency has to work with people’s committees and the State Bank of Viet Nam to ensure implementation. The Ministry’s Domestic Market Policy Department has called on organisations and individuals to list their prices in dong. — VNS … [Read more...] about Ministry acts to enforce foreign-exchange rules
VietNamNet Bridge - Foreign nationals working in Vietnam are subject to several insurance regimes, participation of which is mandatory at their companies. Mandatory social insurance embodies regimes of sickness, maternity, labor accident, occupational disease, pension and survivorship allowance. Health insurance includes medical care supported by Health Insurance Fund. Unemployment insurance comprises unemployment allowance; job counseling and recommendation; vocational training support and skills training, fostering and improving support. Under 2013 Law on Employment, foreign employees are not obliged to participate in unemployment insurance. Social insurance In accordance with 2006 Law on Social Insurance, foreign employees in Vietnam are not obliged to participate in mandatory or voluntary social insurance. However, under new provisions of 2014 Law on Social Insurance, which will come into effect on January 1 2016, foreign employees whose work permits, practice licenses or … [Read more...] about Legal Advice: Insurance policies for foreign employees in Vietnam
The State Bank of Vietnam (SBV) does not plan to adjust the dong/dollar exchange rate now because this would place a heavier burden of foreign debt on the government and businesses. No official document has been released about the money Vietnam paid in 2014 for foreign debt or the amount needed to pay in 2015. The government’s reports to the National Assembly on the allocation of foreign debts, public debt management, debt payment and the 2015 state budget estimates did not show the figures. The reports said that Vietnam would have to pay VND150 trillion in 2015 for aid and debt, with no detailed figures about the payment for domestic debt and foreign debt and the ratio of the payment on the total state budget revenue. The most updated figure is about foreign debt payment obligations in 2014. A government report in May 2014 showed that in 2013, the government had to pay $1.703 billion in foreign debt, or VND35.682 trillion, if considering the exchange rate at that … [Read more...] about Will a stable exchange rate ease the foreign-debt burden?