A VP Bank staff member counts money at a transaction office in Hà Nội. The đồng has inched down by only 0.4 per cent against the end of last year. — Photo courtesy of VP Bank HÀ NỘI — The Vietnamese đồng has gained some strength against the US dollar in the past month, helped by abundant domestic supply and favourable global conditions. The đồng appreciated by 0.47 per cent against the greenback last month and continued to strengthen in the first days of July. With the gain, the đồng has inched down by only 0.4 per cent against the end of last year. The State Bank of Việt Nam on Tuesday set the daily reference exchange rate at VNĐ23,051 per dollar, down VNĐ3 from the previous day. With the current trading band of +/- 3 per cent, the ceiling rate applied to commercial banks during the day is VNĐ23,742 and the floor rate at VNĐ22,359. Commercial banks also … [Read more...] about Đồng weakened slightly against the US dollar in H1 2019
Us dollar to vietnamese dong
Vietnamese dong expected to hover around VND23,200 per dollar
Since the beginning of the year, the central bank has raised the daily reference rate by VND236 per dollar, equivalent to 1.03 per cent. — VNA/VNS Photo The Vietnamese dong will fluctuate around VND23,200 per dollar in the next few months thanks to a positive supply source in the local market, according to the National Centre for Socio-Economic Information and Forecast. Most currencies of emerging countries in Asia have strengthened against the dollar, with Indonesia’s Rupiah up 2.7 per cent and Thailand’s Bath up 2.3 per cent. In the domestic market, the centre predicted the dollar supply and demand in the second quarter would continue to be positive while the nation’s foreign reserve has kept growing. “The favourable conditions will help the central bank intervene and stabilise the exchange rate and the foreign currency market,” the centre explained. A State Bank of Viet Nam (SBV)’s reports showed the central bank net bought US$8.5 billion … [Read more...] about Vietnamese dong expected to hover around VND23,200 per dollar
SSI: Mobilizing interest rates unlikely to drop
Last month, mobilizing interest rates recorded a hike of around 20-30 basis points for above-six-month terms at some banks, maintaining at 4.3 percent to 5.5 percent per annum for terms from one to below six months; 5.5 percent to 7.5 percent for terms from six to below 12 months; and 6.4 percent to 8 percent for terms from 12 to 13 months. SSI said that interest rates were pinned at high levels since late December. Besides increasing capital mobilization to meet the requirement to reduce the proportion of short-term capital in middle-and-long-term loans, interest rates are kept at high levels because several commercial banks have promoted loans to individual clients at reasonable interest rates that ensure necessary profitability. Therefore, other banks also have to maintain their interest rates at the same level so as not to lose capital mobilization market share. According to SSI, although foreign currency supply in next months might encounter a slump, the exchange rate between … [Read more...] about SSI: Mobilizing interest rates unlikely to drop
Vietnamese đồng given stable outlook
The đồng is forecast to be supported by a positive outlook for foreign inflow. - VNA/VNS PhotoViet Nam News HÀ NỘI — The Vietnamese đồng would be steady next months, buoyed by positive foreign inflow and reasonable gap between interest rates of the đồng and the US dollar as well as the stability of the Chinese renminbi, experts said. According to analysts from the Saigon Securities Inc, the đồng’s stability will be supported as outlook of the country’s disbursement of foreign direct investment (FDI) and foreign indirect investment (FII) capital is optimistic. In the first two months of the year, foreign investors have poured US$8.47 billion into Việt Nam, 2.5 times higher than the same period of last year, data from the Foreign Investment Agency under the Ministry of Planning and Investment showed. Meanwhile, the interest rate’s gap between the đồng and the dollar was maintained at … [Read more...] about Vietnamese đồng given stable outlook
Why SBV keeps dong weak against US dollar
On December 11 the State Bank of Viet Nam reduced the value of the dong against the US dollar by VND9 from the previous day to VND22,775 (US$1). The selling price of the greenback at the central bank’s transaction offices was also adjusted to VND23,408 though the buying price was kept unchanged at VND22,700. At commercial banks, the price of the greenback did not see strong fluctuations. Vietcombank still kept its selling and buying prices at VND23,265 and 23,355. Similarly, BIDV kept its rates unchanged at VND23,260 and 23,350. Market observers said the central bank has been adjusting its daily reference rate for the dong against the dollar constantly since early December though the adjustments have been minor. Why does the central bank continue to devalue the Vietnamese currency when globally the dollar is weakening after the US and China agreed to halt their trade war for 90 days? For instance, in the Asian dollar market, the dollar index, which tracks the greenback against … [Read more...] about Why SBV keeps dong weak against US dollar