Thread: Latest news on the Dong!

Originally Posted by davzgirl

Question: I haven't looked (not quite sure where to look), but is there a CB site for Vietnam that we can keep up with the daily rates...like we (Socata and others actually) keep up with the CBI on the dinar rates?

Thanks for all the great news,
Patty

I think everyone missed your question, here is your answer

Ngân hÃ*ng nhÃ* nÆ°á»›c Việt Nam - The State Bank of Vietnam - Ngan hang nha nuoc Viet Nam

What is the rate today???? for the dong?

Originally Posted by cooldolphins

What is the rate today???? for the dong?

According to the Yahoo currency converter it is 16,038

Here you go.

Tỷ giá bình quân liên NH
Ngày 15/5/2007

1 USD=16.104 VNĐ

Tỷ giá giao dịch của NHTM
Ngày 15/5/2007

USD

Mua

16.042

Bán

16.052

JPY

Mua

132,12

Bán

134,33

EUR

Mua

21.593,73

Bán

21.868,04

Originally Posted by cooldolphins

What is the rate today???? for the dong?

I don't read Vietnamese, but the numbers are in English

Tỷ giá ngoại tệ

Tỷ giá bình quân liên NH

Ngày 15/5/2007
1 USD=16.104 VNĐ
Tỷ giá giao dịch của NHTM

Ngày 15/5/2007
USD
Mua

16.042

Bán

16.052

JPY
Mua

132,12

Bán

134,33

EUR
Mua

21.593,73

Bán

21.868,04

Ngân hÃ*ng nhÃ* nÆ°á»›c Việt Nam - The State Bank of Vietnam - Ngan hang nha nuoc Viet Nam
Thanks goes4ever for the site info

I think that is what I just posted, Daa... what was the rate befor May 1st? anyone remember?

Originally Posted by Spoiledred

I think that is what I just posted, Daa... what was the rate befor May 1st? anyone remember?

I saw that when mine posted...wasn't there when I clicked on Quote and began . The fastest-finger typist/enter button award goes to....

Originally Posted by davzgirl

I saw that when mine posted...wasn't there when I clicked on Quote and began . The fastest-finger typist/enter button award goes to....

Thank you Thank YOu!You make me laugh

Originally Posted by neno

But let them RV one before the other. I will perticipate in that nonesense DD. Come on lglwzrd, you are growing impatient of late my FRIEND.

Exchange rates may trip economy in 2007
(15/05/2007 07:30)
State Bank difficulties in managing foreign exchange rates over the past seven months could remain the biggest challenge to the economy in 2007, according to a United Nations economic survey.
The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) have forecast that major currencies in the region will appreciate as a result of capital inflows. UNDP’s senior country economist Jonathan Pincus said Vietnam’s success in attracting foreign direct investment, portfolio investment, remittances and official development assistance would cause the Vietnamese dong to appreciate against the US dollar if the State Bank did not introduce appropriate checking measures.

So far this year, the dong has gained 0.3 per cent against the US dollar, currently sitting at VND16,047 per dollar despite an earlier State Bank plan to slightly depreciate the local currency by 1 per cent to maintain trading competitiveness.

Since September 2006, local banks have experienced US dollar surpluses for the first time with massive dollar inflows into the booming stock exchange and sharp increases in FDI attraction. This situation has put pressure on the State Bank, as the ultimate purchaser of local banks’ dollar surpluses, to revalue local currency.

“Exchange rate management has become more challenging with the massive growth of local bourses, because a minor change in the rate could have a wide-range of effects,” said Phi Dang Minh, head of the State Bank’s Foreign Exchange Department.

UNESCAP’s statistics show by 2006, with more than 200 listed joint stock companies, Vietnam’s market capitalisation stood at just $14 billion, or 22.4 per cent of GDP. But, according to the World Bank’s latest report, market capitalisation to date has reached $24.4 billion - 39.2 per cent of GDP. According to estimates, from November 2006 to March 2007, foreign investors have injected about $4 billion into local bourses.

Additionally, over the first four months of 2007, Vietnam has lured $3.51 billion via foreign direct investment, recording 54.7 per cent growth against 2006.

According to an official from Vietcombank’s Foreign Exchange department, local banks are still in dollar surpluses, resulting in banks’ lower dollar trading price than State Bank’s official rate.

In early 2007, local banks were allowed by the State Bank to trade up to 0.5 per cent either side of the daily published official rate from a previous percentage of 0.25.
“A wider trading band for domestic transactions is a good thing to the extent that it allows minor adjustments to take place in the official market rather than in the informal market.“But, careful supervision of banks and development of more sophisticated instruments to control the money supply are needed to ensure the financial liberalisation does not weaken the capacity of the State Bank to manage the exchange rate while keeping inflation in check,” said Pincus.


..... WELCOME TO MOF WEBSITE .....

Vietnam tries to legalise corporate trading activities16:50' 16/05/2007 (GMT+7) VietNamNet Bridge – The Competition Administration Department (CAD) under the Ministry of Trade is building up a legal framework for corporate trading activities, which have not been put under the necessary strict management.

No corporate trading deal in Vietnam?

It is estimated that the corporate trading market would see the growth rate of 30-40% annually.Tran Phuong Lan, Head of CAD’s Competition Supervision and Management Division surprised many people when stating at the workshop on May 15 that CAD had no statistics about corporate trading affairs in Vietnam, meaning that the State agency did not know how many trading deals had been carried out.

Mrs Lan said that many corporate trading deals occurred in 2003-2004, but they were all small affairs, and no one had made reports to CAD.

In fact, many corporate trading deals, both small and big, occurred in the last time in Vietnam. Several thousand offers for sale and purchasing can be found on the websites run by TigerInvest or IDJ.

Lawyers Pham Tri Hung from the Hanoi Law University and Nguyen Van Chan from the National Economics University have cited several big corporate trading affairs. Thai Picnic Gas bought a factory that makes gas tankers from a private company, and a workshop trading LPG belonging to a Vietnamese company. Christian Bernard Diffusion (CBD), a French company, bought Yue Cheong Co Ltd, spe******ing in making jewelry for export.

Moreover, Malaysian Trenergy Gas sold a big factory to V-Trac before it put an end to its operations in Vietnam. The Transport Works Company No 677 under the Ministry of Transport’s Cienco 6 is being offered for sale.

The report released by the two lawyers showed that a lot of Vietnamese companies have been bought by foreign investors and the turnover of corporate trading has been gradually increasing in the last years, worth $74mil in 2004.

Mrs Lan said that under the Competition Law, enterprises that initiate trading activities which can bring the market share of 30-50% after trading must report the deals to the competition administration department. However, she said, enterprises seem to not care for the provision.

“It is likely that Vietnamese enterprises do not think they can hold up to 30% of the market share, or they do not have thorough knowledge about the Competition Law and don’t think that the corporate trading is regulated by the law,” she said.

Mrs Lan has acknowledged that it is very difficult to supervise all the trading activities and define the market share after trading.

Looking for suitable mechanism to control corporate trading

According to Lawyers Hung and Chan, Vietnam has 6,000 foreign invested enterprises, 170,000 domestic owned, 5,000 State owned enterprises, and 15,000 cooperatives. If State management authorities can set up a suitable legal framework, it will see a big volume of corporate trading in the market.

Tran Duy Hung, Director of First Asia Ltd, said that the establishment of many new enterprises would be the source of commodities for the corporate trading market. It is estimated that the market would see the growth rate of 30-40% annually.

According to Mr Hung, more than 50% of small- and medium-sized enterprises shut down and have ownership transfer after six years of operation. He said that the percentage of successful transactions remains low.

A question has arisen about whether a corporate trading market has taken shape in Vietnam. Lawyers Hung and Chan said that such a market can form only when enterprises are considered as a kind of commodity, and the market operates based on the legal framework promulgated by the State.

Ngo Hoang Oanh, an expert from the Economic Institute, has also called on management authorities to lay down a legal framework for corporate trading activities. She has warned that international groups may attempt to take over domestic companies if the corporate trading cannot be effectively controlled.

Ha Yen