It is feared that the escalating trend of trade protectionism will hinder global growth and make many businesses struggle for survival.
USD exchange rate announced by the State Bank of Vietnam (SBV) on March 2nd is 22,468 VND/USD, down 5 VND/USD compared to yesterday.
At ten leading commercial banks (*), by 10 a.m. on March 2nd, the USD purchase price of Vietcombank and Sacombank is leading with 22,725 VND/USD. In contrast, five banks offering the lowest USD selling price with 22,790 VND/USD are BIDV, ACB, VPBank, HDBank, and VIB.
Compared with March 1st, Sacombank has increased the USD price by 13 VND, Vietcombank and Vietinbank increased by 5 VND. On the other hand, Techcombank reduced by 5 VND in both selling and purchasing prices, and VPBank decreased by 10 VND in the selling price.
Regarding other currencies, at Vietcombank, of the ten currencies chosen by TheLEADER, there are up to nine ones that are increased, in which EUR rose the most by 0.67%. Only HKD slightly decreased by 0.02%.
In the world market, the USD index plunged, currently at 90.17 points, down 0.6 points compared to the same time yesterday. The US dollar weakened compared to others in the currency basket on March 2nd when President Donald Trump announced to impose high taxes of 25% and 10% respectively on steel and aluminium imported into the US.
The price of steel and aluminium products will skyrocket after President Trump's decision. It is worried to trigger a global trade war, resulting in retaliation from its major trade partners like China, Europe, and Canada.
According to Robert Carnell, Head of Research, Asia-Pacific, ING, "The world is at risk of trade wars due to U.S President's decision."
(*) Based on financial capacity and branch number
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The United Capital Management Joint Stock Company (Unicap) which manages investment funds will provide financial services to FLC and Faros in the near future.
Techcombank has announced that two separate legal entities managed by Warburg Pincus will invest over US$370 million into the Bank, subject to appropriate regulatory approvals.
In only the first two months of this year, the banking, financial services and insurance sector (BFSI) of Vietnam received up to US$1.45 billion worth of investment.
According to the World Bank, remittances to Vietnam in 2017 are estimated at a record high of US$13.81 billion, increasing by US$1.9 billion, equivalent to 16% over 2016.
Within less than five months leading the Southeast Asia Joint Stock Commercial Bank (SeABank), Nguyen Canh Vinh has resigned from this position since February 8, 2018, for personal reason.
Techcombank announced that its pretax profit in 2017 reached over VND8.03 trillion (US$354.4 million), doubling that in 2016 and naming Techcombank in Vietnam’s top five profitable banks.
