Thread: Latest news on the Dong!

Originally Posted by Heres-Hoping

Spoiledred, what are your thoughts about Vietnam possibly waiting on Iraq before they take the plunge? Vietnam are a lot more ahead than Iraq with WTO membership and Article 8, no violence problems and with the hordes of foreign investors wanting in this would place them in a "ready" position?

I know I know, everyone seems to think that vietnam is far ahead from the Dinar and will reval at the same time as the Dinar. I would love to see that, however, I don't feel it happening before the new year. It's just a feeling not based on facts, just feelings. I know my friends may not like me saying that, but thats just how it is. I just don't think Vietnam is going to move that quick even though they dont have to worry about fighting etc. It is still a communist country, however they are transistioning. The question was asked what are your predictions? I just don't think it is going to come as quickly as I (we) want. Like I said if it does I will take it smiling all the way to the bank. But I will not be saying I told you so, cause I didn't.
Ok let me compare it like this: It's like getting pregnant. You can fool around and fool around and your odds get better to get pregnant and eventually "oh shiet" it happens. Well with the Dong you buy it in the hopes to get an RV and it may take time or it may go real quick and then someday wala its there!

Unexpected, yes.
In 08, naaaa.

I don't think the Vietnamese can keep the Dong depreciated for too much longer before succumbing to IMF pressure to R/V.

As far as waiting for Iraq to make it's move, some say it will happen at the same time, (which explains the delay) others say it's like apples and oranges, nothing to do with one another.

I believe we are waiting for the application of the real-time order matching scheme, which has been delayed.
(See June 4 prediction thread)
http://www.rolclub.com/vietnamese-do...rediction.html

Perhaps the real-time order scheme failure is an excuse to wait for the Dinar? Hmmmm...

Neno, any new info on that news?

Seeing that someone asked---$.03 IMO with it being RVd to a rate in alignment with the neighboring countries. I'm hopeful that they are waiting on Iraq to get their RV plans down. If Iraq should continue to move sllooowwwly, perhaps Vietnam will let their RV happen sooner. Again, IMHO.

Sorry if previously posted.


Vietnam latest news - Thanh Nien Daily

Three subsidiaries of state-run PetroVietnam signed an agreement Thursday to cooperate in risk management, insurance, and financial services for a five-year term.
The three parties are PetroVietnam Insurance (Insure), PetroVietnam Exploration and Production (Explore), and PetroVietnam Finance Corporation (Finance).

Insure will provide insurance and risk management services to projects carried out by Explore, a PetroVietnam arm specializing in oil drilling, as well insurance and finance training courses for staff.

Explore has on hand 30 domestic and eight foreign drilling projects, the latter in Malaysia, Venezuela and the Middle East.

The agreement also provides for setting up joint ventures by Insure and Finance, an investment offshoot of the oil giant.

In a related development Insure has set up PVInvest, a real estate and financial investment trading arm.

The new entity has a chartered capital of VND150 billion (US$9.3 million), with 69 held by Insure while the remainder is shared between PVFC, Tan Vien Petrol Company, HCMC-listed Song Da infrastructure developer and Vietnam International Bank with 8 percent each.

The establishment of the new arm is in line with PVI’s plans to diversify its business from its core insurance business, investing in areas such as crude oil production, banking, stock broking and cement production.

PVInvest is expected to earn revenue of VND1.4 trillion per year between now and 2012 and total profit of VND225 billion.

Insurer to hit market

PetroVietnam Insurance is set to raise VND751 billion this month from a rights-cum-public issue of shares to enable a sister concern to buy oil tankers and stakes in some companies.

It will sell 24,864,000 shares to existing investors in a 2:1 ratio, 270,100 shares to employees, and 10 million to the public on June 26.

The Hanoi-based firm, which plans to list on the Ho Chi Minh exchange in the third quarter, has set the reserve price for the auction at VND50,000.

Its chartered capital will increase by 70.3 percent to VND851 billion.

The proceeds will be used by another PetroVietnam subsidiary, shipping arm PV Trans, to build three crude oil tankers and pick up stakes in two financial companies and a hydro-power plant construction firm in Laos.

PVI raised nearly $117 million earlier this year by selling 23 percent of its shares in an IPO.

Last year, PVI had an 18.09 percent market share of Vietnam's non-life insurance market, making it the third biggest after state-run Bao Viet, which had a 34.94 percent share, and Bao Minh with 21.29 percent.

PVI said its audited net profit jumped 51.7 percent last year from 2005 to VND44 billion following a 65.6-percent surge in insurance premiums to VND1.16 trillion.

Its revenues soared 165 percent in the first four months of this year from the same period of 2006 to more than VND750 billion, according to PVI.

I think it will be around .06 but I dont think it is going to RV anytime real soon. Maybe Jan. 08 or later.

Spoiledred,
The below comment would indicate against a Jan 08 RV. Would it not?

The central bank has said it no longer has a fixed target for the value of the dong for the end of 2007, but it would ensure the dong's value is on par with other currencies.


Vietnam latest news - Thanh Nien Daily

Originally Posted by Maddawg

I think it will be around .06 but I dont think it is going to RV anytime real soon. Maybe Jan. 08 or later.

Spoiledred,
The below comment would indicate against a Jan 08 RV. Would it not?

The central bank has said it no longer has a fixed target for the value of the dong for the end of 2007, but it would ensure the dong's value is on par with other currencies.


Vietnam latest news - Thanh Nien Daily

Ok that is part of the quote:

On Monday, the head of the central bank's foreign exchange department, Phi Dang Minh, was quoted by state media as saying the additional funds would be used to purchase U.S. dollars on the market to weaken the dong.

The central bank has said it no longer has a fixed target for the value of the dong for the end of 2007, but it would ensure the dong's value is on par with other currencies.

On Monday, the central bank set the dollar exchange rate at VND16,110, nine dong weaker than VND16,101 at the end of 2006.

Ok this is what I see in this statement. in 6 months the dong weakend 9 dong. Thats not a big change and that is not in the right directioin either. Why do they want to weaken the Dong? Wouldn't they want to strengthen it? Another question what is ment by it is on par with other currencies. That is talking in the present tense not the future. If they are saying right now the dong is on par that is not what I want to hear, I want like anyone else the dong to get strong and RV. I would love to see things change!

by the way todays rate is:

Tỷ giá bình quân liên NH
Ngày 15/6/2007

1 USD=16 120 VNĐ

Tỷ giá giao dịch của NHNN tại Sở Giao dịch
Ngày 15/6/2007

Mua

Bán

USD

16.115

16.120

Maybe it meant that by the end of 2007, it would ensure that the dong is on par with other currencies.

Originally Posted by cooldolphins

Maybe it meant that by the end of 2007, it would ensure that the dong is on par with other currencies.

Cooldolphins,
That's what I was thinking. My interpretation is that the Dong will soon start to increase in value against the US dollar and will be equal to other currencies at the end of the current year, 2007. I'm thinking they will RV it to be near the value of the region. At least I'm hopeful.

i am hoping the dong off soon. Will probably go off same time the dinar hits.
to keep speculation down as has been discussed.
LIT