Exchange rate eases after July peak
The Vietnamese dong has strengthened against the U.S. dollar after hitting a peak in late July, with the exchange rate now at its lowest level in several months.
The Vietnamese dong has strengthened against the U.S. dollar after hitting a peak in late July, with the exchange rate now at its lowest level in several months.
Despite the impacts of the Terra Luna collapse and billions of crypto stolen by hackers this year, the growth of responsible innovation in the crypto industry is unlikely to be stopped, said Joshua Foo, Regional Director of Chainalysis ASEAN and Central Asia.
While Covid-19 drags on local currency bond markets in emerging East Asia, the market still got a positive increase.
Moody's Investors Service has placed the Ba3 local and foreign currency issuer and senior unsecured ratings of the government of Vietnam under review for downgrade, which Vietnam's Ministry of Finance said is not convinced.
Vietnam Prosperity JSB (VPBank) has successfully issued $300-million 3-year notes to Asian and European investors within the context of its $1-billion Euro medium term note (EMTN) programme.
The first quarter saw the outstanding amount of local currency (LCY) corporate bonds reached some $4.34 billion, with growth declining 1.3 per cent quarter-on-quarter but rising 31.9 per cent year-on-year, according to ADB.
The Ministry of Foreign Affairs (MOFA) reaffirmed that Vietnam has never carried out a scheme nor had an intention to manipulate the local currency in a bid to gain a competitive advantage in international trade.
Shortly after an accused scam involved in hundreds of millions of dollars and thousands of people, Prime Minister Nguyen Xuan Phuc recently called for rules to strengthen the management on activities related to cryptocurrencies.
In the context of increasing inflation expectation since 2016, demand for credit capital and Government's bond issuance continues to be higher and higher, while the pace of investment capital disbursement still remains low, putting pressure on credit demand.
The Ministry of Foreign Affairs (MOFA) reaffirmed that Vietnam has never carried out a scheme nor had an intention to manipulate the local currency in a bid to gain a competitive advantage in international trade.
IFC's investment in VietinBank increased more than two times in local currency VND after seven years.
The Vietnamese government will have appropriate improvisation instead of floating the exchange rate under the context of escalating trade war between the U.S. and China, according to economic experts.
According to the draft circular of the State Bank of Vietnam (SBV), non-resident foreigners can deposit savings in both local and foreign currency at commercial banks, a positive move not only to limit speculation in the market but also guarantee legal reights for non-residents presenting in Vietnam.
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