Bank of china exchange rates

Headquarters of the State Bank of Vietnam in Hà Nội. Some experts believe the SBV can still cut the policy interest rate further as its current priority is to lower interest rates to promote credit growth and support economic growth. — Photo sbv.gov.vn Experts have different forecasts about the time when the State Bank of Vietnam (SBV) will lower its policy interest rate. While some experts expect the rate to decrease by 0.5-1 percentage point at the end of the third or fourth quarter of this year, others believe the rate will be kept unchanged. According to some experts, although rising pressure on the foreign exchange rate and inflation are the main factors affecting the SBV's ability to continue lowering the policy rates in the remaining months of this year, the SBV can still cut the rate further as its current priority is to lower interest rates to promote credit growth and support economic growth. Banking expert Nguyễn Trí Hiếu forecasts that deposit interest rates will … [Read more...] about Different forecasts made for policy interest rates in the rest of 2023

Prime Minister Pham Minh Chinh and his entourage arrived at Nanning airport on September 16 morning, starting his participation in the 20th China-ASEAN Expo and China-ASEAN Business and Investment Summit at the invitation of the Chinese Government. With his participation in the event, Vietnam sends out its clear and consistent message on the foreign policy of attaching importance to the relations with China, thus making bilateral relations develop in a healthy, stable, substantial and effective way in the time to come. Later on September 16, Prime Minister Pham Minh Chinh held talks with Chinese Premier Li Qiang. Both sides expressed their delight at and spoke highly of the progress in Vietnam-China relationship in recent years, especially since the historical China visit by Party General Secretary Nguyen Phu Trong in November last year. Underscoring the importance of the Vietnam-China relations in the overall foreign policy of each country, Prime Minister Chinh affirmed that … [Read more...] about PM active in China before attending CAEXPO, CABIS

Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX). — Photo courtesy of HKEX The Vietnamese stock market is a key capital mobilisation channel for the economy and is undergoing improvement and upgrading towards emerging status. Considered as Asia’s financial hub, Hong Kong is a role model for Việt Nam to follow. When Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX), came to Việt Nam for a conference, Việt Nam News reporter Ly Ly Cao took the opportunity to speak to her about solutions to enhance the country’s stock market and how Hong Kong can support Việt Nam in the upgrading process. What do you think about the Vietnamese stock market in its current state? Việt Nam’s economy is on very strong momentum in terms of GDP growth, which grew by more than 8 per cent last year and is hopefully to reach 6 per cent this year. This sets a very strong foundation for the local … [Read more...] about Hong Kong to help elevate Việt Nam’s stock market potential

Gemalink Deep-Sea Port in Ba Rịa - Vung Tau province (Photo: VNA) Hanoi (VNA) - The Ministry of Planning and Investment has outlined three potential economic growth scenarios for 2024 , with the highest GDP growth rate forecast at 6.5%. These projections stem from the Government's socio-economic development strategy for the 2021-25 period, combined with endeavours to meet the 2023 growth goal of 6.5%. Given the challenges faced by the Vietnamese economy between 2021-23, 2024 is anticipated to be a pivotal year for Vietnam to accomplish the objectives of its five-year plan. In the first scenario, Vietnam's GDP is predicted to rise by 6%. This estimate presumes that global growth will be moderate in 2023 and the resurgence of global trade and investment will continue to face hurdles. Although the domestic market and services sector might exhibit robust growth, the import, export, and industrial production sectors may not experience a marked recovery due to their … [Read more...] about Ministry projects three economic growth scenarios for 2024

The Commission for Management of State Capital at Enterprises has sent a report to the Ministry of Planning and Investment on the production, business, investment, and development of state-owned enterprises under its management. According to the report, EVN reported a loss of more than VND28.7 trillion ($1.21 billion) in the first eight months of 2023. In 2022, EVN posted a loss of VND26.5 trillion ($1.1 billion), excluding exchange rate differences. This year, EVN proposed an increase in the price of electricity to compensate for losses. This proposal has been approved as the electricity price has remained consistent over the past four years. Accordingly, in May, the retail electricity price increased by 3 per cent to an average of VND1,920 (8 US cents) per kilowatt hour, excluding VAT. EVN has also sent a document to the Ministry of Industry and Trade to comment on the draft revision to replace Decision No.24/2017/QD-TTg. According to the draft, the mechanism to adjust … [Read more...] about Vietnam Electricity incurs further losses so far this year

On September 20, Chief of the General Staff and Deputy Defense Minister Senior Lieutenant General Nguyen Tan Cuong chaired a solemn reception for General Chalermphon Srisawasdi at the Headquarters of the Ministry of National Defense. After the reception, the two sides held talks. During the talks, General Cuong affirmed the significance of the visit which takes place in the context that the two countries are celebrating the 10th anniversary of the establishment of their strategic partnership, contributing to creating new momentum for Vietnam - Thailand defense relations. On the basis of the bilateral friendship and fruitful cooperative relations, the cooperation between the two militaries has continuously developed with many practical and effective activities. Such cooperation mechanisms as defense policy dialogue; coast guard exchange; collaboration between arms and services; young officers’ exchange; information sharing; consultation; support to each other at ASEAN-led … [Read more...] about Thai Chief of Defense Forces visits Vietnam

Vietnam has maintained a consistent upward trajectory since 2015, reflecting the government's efforts to restructure the economy toward full market-oriented development and international integration. Vietnam has climbed four places to secure the 106th position out of 165 countries and territories in the Economic Freedom of the World index, according to the Canada-based Fraser Institute. Manufacturing of mechanical products at Tam Hop Company in Soc Son District, Hanoi. Photo: Viet Linh/The Hanoi Times The Economic Freedom of the World index evaluates the extent to which policies and institutions support economic freedom. It is published annually by the Fraser Institute in collaboration with the Economic Freedom Network, a coalition of independent research and educational institutions covering nearly 100 countries and territories. Singapore currently leads the world in economic freedom, followed by Hong Kong (China), Switzerland, New Zealand, the US, and … [Read more...] about Vietnam moves up 4 places in Economic Freedom of World index

The festival will feature a series of captivating activities such as a water procession ceremony to pray for national peace and mild weather, at Truc Lam - Ban Gioc Pagoda, a photo exhibition, and a food fair, among others. Folk games and artistic performances are expected to dazzle visitors, especially a “then” singing performance by local Tay ethnic minority people. Visitors will also be able to take part in chestnut picking at gardens in Chi Vien and Dam Thuy communes in Trung Khanh district. Earlier, the northern mountainous province has announced its plan to launch the pilot operation for one year of tours at Ban Gioc – Detian waterfalls on the Vietnam - China border. The piloted tour is expected to become an eco-friendly cross-border tourism model, helping Cao Bang capitalise on its tourism strengths to develop its socio-economy, while promoting friendship exchanges and mutual understanding of border localities of Vietnam and China./. VNA … [Read more...] about Ban Gioc Waterfall Tourism Festival set for early October

Furthermore, the Vietnam Maritime Administration recently announced a draft to replace the Ministry of Transport’s Circular No.54 concerning the pricing of container handling and other associated services at Vietnamese seaports. The draft proposes a 10 per cent increase in the price of container handling services effective from January 1, 2024 in various ports including Haiphong, Ho Chi Minh City and the Cai Mep-Thi Vai seaport complex in the southern province of Ba Ria-Vung Tau. In addition, the draft proposes terminals able to receive ships capable of transporting more than 160,000DWT can impose a 10 per cent additional increase for loading and unloading services, meaning that those terminals could increase fees by as much as 20 per cent. As a result of these developments, shipping stocks have been actively traded on the stock exchange of late, with several firms witnessing steady increases in share prices in recent trading sessions. Hanoi-based securities firm … [Read more...] about Shipping firms eye rosier future

Amid the current financial landscape, how do you see the investment appetites of global investors evolving? From the escalating interest rates that echo the world’s financial concerns to brewing geopolitical tensions, uncertainty seems to be the new norm. Louis Nguyen, chairman and CEO of Saigon Asset Management This environment has led many investors to tread with caution. A conservative streak is becoming more apparent, with a pronounced shift towards liquidity. Increasingly, investors, whether individual or institutional, are preferring the relative safety of cash holdings over more volatile investments. Vietnam, too, reflects this broader sentiment of caution. But for this Southeast Asian nation, the complexities run deeper. Beyond the external geopolitical and economic factors that influence global investment behaviours, Vietnam grapples with its own unique set of challenges. Recent internal events and policy indecisions have contributed to an atmosphere … [Read more...] about Compelling business model essential for success