Vietnam Business News

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• New dong deposit rate benchmark established
• Why ‘hot money’ is not flowing into Vietnam?
• Banks reduce interest rate but boost promotions
• Central bank retains FX rate
• US dollar price climbs up to nearly 20,000 dong
• Vietnam needs to heed black market, official rate gap, ADB says
• Vietnam has no devaluation plans
• Vietnam money-devaluation speculation pressures Dong
• BIC, SGIC sign MoU on guarantee insurance services
• No adjustments in Dollar exchange rates: central bank

New dong deposit rate benchmark established Posted: 19 Oct 2010 01:01 AM PDT Most domestic banks have announced new deposit rate indices in the morning of October 18. The most interesting point is interest rates for terms from one to 12 months of most banks are kept at a sole level of 11 percent per annum. CEO of a joint stock commercial bank joked that now both big [...]

Why ‘hot money’ is not flowing into Vietnam? Posted: 19 Oct 2010 01:01 AM PDT Vietnam is growing at rate that is impressive enough to attract “hot money” inflows from developed countries. However, certain barriers could lead that source of capital to flow into other countries. While Thailand and other Southeast Asian economies are struggling to control “hot money” inflows, curbing stock market and strengthening domestic currency, Vietnam seems to be [...]

Banks reduce interest rate but boost promotions Posted: 19 Oct 2010 01:00 AM PDT As noted, although many banks lowered the deposit rates to 11 percent per year but they still offered many promotion programmes, pushing up actual saving rates to over 12 percent per year. On October 18, a small bank in HCM City’s District 1 maintained the deposit rate at 11.2 percent/yr, at the same time giving a [...]

Central bank retains FX rate Posted: 19 Oct 2010 01:00 AM PDT “At present, the central bank does not have any plans to adjust the foreign exchange rate” as the US dollar price yesterday October 18 in the free market reached almost 20,000 dong per dollar, said State Bank of Vietnam (SBV)’s governor, Nguyen Van Giau. After chair of the US Federal Reserve (Fed), Ben Bernanke, expressed wary [...]

US dollar price climbs up to nearly 20,000 dong Posted: 19 Oct 2010 12:59 AM PDT The US dollar prices on the free market continued climbing up to the threshold of 19,970 dong late the afternoon of October 18. Meanwhile, local gold prices made its universe efforts to stay at the threshold of 33.1 million dong/tael, declining relatively despite international prices of gold increasing. At 17 pm yesterday afternoon, the dollar price of [...]

Vietnam needs to heed black market, official rate gap, ADB says Posted: 18 Oct 2010 10:12 PM PDT Vietnam should pay attention to the “widening” gap between black market and official exchange rates, which can be considered a barometer of investor confidence, according to the Asian Development Bank. “We certainly need to keep watching,” Ayumi Konishi, the ADB’s country director for Vietnam, said at a press conference in Hanoi. The “trend certainly reflects people’s [...]

Vietnam has no devaluation plans Posted: 18 Oct 2010 09:04 PM PDT The State Bank of Vietnam has no plans to adjust the dollar/dong exchange rate, even though the dong’s value has been dropping on the unofficial market. The State Bank of Vietnam has no plans to adjust the dollar/dong exchange rate, even though the dong’s value has been dropping on the unofficial market. “At present the State Bank [...]

Vietnam money-devaluation speculation pressures Dong Posted: 18 Oct 2010 09:03 PM PDT Speculation of another devaluation is putting pressure on the dong VND=VN, making businesses more reluctant to sell dollars to banks, bankers said on Monday. Speculation of another devaluation is putting pressure on the dong VND=VN, making businesses more reluctant to sell dollars to banks, bankers said on Monday. The exchange rate slipped to 19,920/19,970 dong by 0706 [...]

BIC, SGIC sign MoU on guarantee insurance services Posted: 18 Oct 2010 09:02 PM PDT BIDV's Insurance Corporation (BIC) and South Korea's State Government Insurance Corporation (SGIC) have inked a memorandum of understanding (MoU) in guarantee insurance services, the local online Thoi Bao Kinh Te Sai Gon reported October 19. BIDV's Insurance Corporation (BIC) and South Korea's State Government Insurance Corporation (SGIC) have inked a memorandum of understanding (MoU) in guarantee [...]

No adjustments in Dollar exchange rates: central bank Posted: 18 Oct 2010 09:01 PM PDT "Currently, the State Bank of Vietnam haven't set any plan to adjust the dong to dollar exchange rates", the country's central bank's Governor Nguyen Van Giau told the local newswire Sai Gon Giai Phong, "Currently, the State Bank of Vietnam haven't set any plan to adjust the dollar exchange rates", the country's central bank's Governor Nguyen [...]

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