Below is a recap of ten of the year’s most consequential headlines impacting consumers, investors and financial markets worldwide chosen by the Vietnam News Agency.
After being relatively stable last year, the foreign exchange rate of the Vietnamese dong against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds.
Laos and China have agreed to facilitate the direct exchange of the Lao kip (LAK) and the Chinese yuan (CNY) instead of having to making conversions through other currencies previously.
Below is a recap of ten of the year’s most consequential headlines impacting consumers, investors and financial markets worldwide chosen by the Vietnam News Agency.
The sudden depreciation of Chinese yuan against the US dollar brings more difficulties to Vietnam’s yarn industry, according to Vietnam Textile and Apparel Association (VITAS).
The monetary market’s liquidity has remained stable and foreign currency supply and demand are relatively balanced amidst the uptrend of USD/VND exchange rates over the last few days, an official from the State Bank of Vietnam (SBV) has assured.
The ASEAN+3 finance ministers have agree to consider adding the Japanese yen and Chinese yuan to currency swap arrangements in addition to the US dollar as part of efforts to deal with possible financial crises while rejecting protectionism amid growing US-China trade tensions.
Finance chiefs of the 10 ASEAN nations and Japan, China, and the Republic of Korea (ASEAN+3) met in Fiji on May 2 to discuss the enhancement of cooperation in times of financial crisis, including expanding the currency swap agreement between them.
The Government will have to decide either to devalue the Vietnamese dong further against the US dollar to support exports and avoid cheaper Chinese goods to flood in the local market, or keep the USD/VND exchange rate stable to avoid increased public debt and control inflation as the US-China trade war accelerates.
The US-China trade war and the fall in the Chinese Yuan price have big impacts on the world economy, including Vietnam. There are mixed views about adverse impacts on local exporters and importers.
The US-China trade war and the fall in the Chinese Yuan post big impacts for the world economy, including Vietnam. Some experts have said Vietnam should employ flexible exchange rate policies in response.
A conference discussing the management of foreign exchange activities in Vietnam-China border trade took place in the northern mountainous province of Lao Cai on May 26
The VND/USD exchange rate in 2017 is predicted to suffer the greatest pressure from the demand of foreign currency due to the increasing trade deficit, according to the National Financial Supervisory Commission.
Vietnamese shares retreated on February 2 from gains on January 29 on both local markets as fears that the Vietnamese dong may weaker hurt financial firms.
Vietnamese shares on December 9 pulled back on both local bourses after previous day’s rally amid investor concern that an overvalued dong will undermine the country's export competitiveness.
The recent inclusion of the Chinese yuan (CNY) to the reserve currency basket of the International Monetary Fund (IMF) will not have any significant impacts on Vietnam’s economy, experts said.
International organisations lauded the exchange rate and amplitude adjustments made by the State Bank of Vietnam (SBV) as a timely and appropriate move to cushion external shocks.
The State Bank of Vietnam (SBV) has increased the average inter-bank exchange rate between the VND and USD applicable to August 19 by 1 percent, from 21,673 VND to 21,890 VND per one USD.