Latest topics
Vietnam: Forex rates expected to stay stable
2 posters
Page 1 of 1
Vietnam: Forex rates expected to stay stable
Forex rates expect to stay stable
VietFinanceNews.com - The Vietnamese dong will not depreciate beyond VND21,000 to US$1 through the end of the year, National Financial Supervisory Committee vice chairman Le Xuan Nghia predicted at a seminar in Ha Noi last week.
Expecting only a slight depreciation of the dong against US dollar in the next few months, Nghia affirmed that a declining trade deficit and rising foreign currency reserves, would continue to stablise the foreign exchange market.
From July of last year through March of this year, the dong depreciated significantly against the dollar, creating tense circumstances on the foreign exchange market.
A possible shortage of US dollars might arise by the end of this year as many enterprises had borrowed from banks in US dollars in recent months and would need to gather dollars back in to repay the loans, Nghia warned. The disparity between banks' dollar supplies and outstanding loans stood at VND100 trillion (US$4.8 billion) at the end of July.
Whether gold prices would continue to skyrocket, as they have in recent months, was also a point of uncertainty, he said. A survey conducted by the Japan International Co-operation Agency (JICA) in 2003 showed that Vietnamese were hoarding up to 40 per cent of their assets in the form of gold.
A German expert at the seminar predicted that if the US economy continued to sputter, coupled with eurozone debt worries, gold might reach $2,500 per ounce.
Tran Dinh Thien, director of the Institute of Economics, suggested that investors look to a more stable currency, such as the Chinese yuan.
Despite the property market's current doldrums, seminar participants were also bullish on domestic real estate, predicting that if the Vietnamese economy showed signs of flourishing, property would remain the most lucrative investment.
However, senior economist Nguyen Tri Hieu suggested that real estate values might decline by as much as 30 per cent by the end of the fourth quarter, and he urged investors to sell real estate assets.
The seminar, entitled Viet Nam's Financial and Monetary Market – Challenges and Forecasts, was aimed at finding solutions for commercial banks and businesses to overcome difficulties arising from tight monetary policies, as well as helping individual investors choose the most lucrative investments among foreign currency, gold, real estate, securities and bank deposits.
The seminar also heard that remittance from abroad had fallen from $2.4 billion in the first quarter to $1.9 billion in the second.
http://www.vietfinancenews.com/2011/08/forex-rates-expected-to-stay-stable.html
VietFinanceNews.com - The Vietnamese dong will not depreciate beyond VND21,000 to US$1 through the end of the year, National Financial Supervisory Committee vice chairman Le Xuan Nghia predicted at a seminar in Ha Noi last week.
Expecting only a slight depreciation of the dong against US dollar in the next few months, Nghia affirmed that a declining trade deficit and rising foreign currency reserves, would continue to stablise the foreign exchange market.
From July of last year through March of this year, the dong depreciated significantly against the dollar, creating tense circumstances on the foreign exchange market.
A possible shortage of US dollars might arise by the end of this year as many enterprises had borrowed from banks in US dollars in recent months and would need to gather dollars back in to repay the loans, Nghia warned. The disparity between banks' dollar supplies and outstanding loans stood at VND100 trillion (US$4.8 billion) at the end of July.
Whether gold prices would continue to skyrocket, as they have in recent months, was also a point of uncertainty, he said. A survey conducted by the Japan International Co-operation Agency (JICA) in 2003 showed that Vietnamese were hoarding up to 40 per cent of their assets in the form of gold.
A German expert at the seminar predicted that if the US economy continued to sputter, coupled with eurozone debt worries, gold might reach $2,500 per ounce.
Tran Dinh Thien, director of the Institute of Economics, suggested that investors look to a more stable currency, such as the Chinese yuan.
Despite the property market's current doldrums, seminar participants were also bullish on domestic real estate, predicting that if the Vietnamese economy showed signs of flourishing, property would remain the most lucrative investment.
However, senior economist Nguyen Tri Hieu suggested that real estate values might decline by as much as 30 per cent by the end of the fourth quarter, and he urged investors to sell real estate assets.
The seminar, entitled Viet Nam's Financial and Monetary Market – Challenges and Forecasts, was aimed at finding solutions for commercial banks and businesses to overcome difficulties arising from tight monetary policies, as well as helping individual investors choose the most lucrative investments among foreign currency, gold, real estate, securities and bank deposits.
The seminar also heard that remittance from abroad had fallen from $2.4 billion in the first quarter to $1.9 billion in the second.
http://www.vietfinancenews.com/2011/08/forex-rates-expected-to-stay-stable.html
Re: Vietnam: Forex rates expected to stay stable
Sounds like they are looking to appreciate the DONG! If the dollars are looking to be in short supply, plus the loans they have needs to be paid back in dollar. If they increase the Dong they could pay back in that currency.
YuanDale- Active Member
- Posts : 28
Join date : 2011-08-24
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Fri May 10, 2024 5:03 pm by kenlej
» Go Russia
Sun May 05, 2024 11:37 am by kenlej
» Go Russia
Sun May 05, 2024 10:51 am by kenlej
» Textbook Tony
Mon Apr 29, 2024 4:13 pm by Mission1st
» The Rockefellers and the controllers are freaking out right about now
Fri Apr 26, 2024 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej