Foreign currency exchange rates

Deputy Governor of the State Bank of Vietnam Pham Thanh Ha In the remaining months of 2023, monetary policy management is forecast to continue facing many challenges, as both the world and domestic economies are still experiencing complicated developments. The State Bank of Vietnam (SBV) continues to closely monitor economic and monetary developments at home and abroad in order to proactively and flexibly use monetary policy tools to control inflation and support economic growth. Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, spoke with the media about the management of monetary policy. How have external difficulties and challenges, as well as within the country, affected monetary policy management in the first five months of the year? What solutions has the central bank implemented to ease the pressure? In the first months of 2023, many countries continued to face the risk of economic recession and high inflation. The trend of monetary tightening is … [Read more...] about SBV encouragse banks to reduce lending interest rates

The information was heard at a seminar held in the city on May 29 by the State Committee for Overseas Vietnamese Affairs of Ho Chi Minh City, in coordination with the State Bank of Vietnam (SBV) Branch in Ho Chi Minh City to seek comments and solutions of overseas Vietnamese intellectuals to effectively attract and optimize remittance resources in the city. According to Nguyen Duc Lenh, Deputy Director of the SBV Branch in Ho Chi Minh City, remittances to the city have always maintained a relative high growth rate and play a crucial role in the city’s socio-economic development. He acknowledged that one of the factors leading to the strong growth of remittances to Vietnam in general, and to the city in particular, is the consistent maintenance of favorable policy incentives. These incentives include tax and fee exemptions for recipients, as well as the availability of increasingly convenient methods for money transfer and receipt. The official noted that the city needs to create … [Read more...] about Ho Chi Minh City seeks ways to attract more remittances

Fertiliser products of Petro Viet Nam Ca Mau Fertilizer JSC (DCM) being processed. DPM is among the Top 50 prestigious and effective public companies of 2023 (VIX50). — Photo DPM The Top 50 prestigious and effective public companies of 2023 (VIX50), recently announced by the Vietnam Report JSC, has witnessed a significant change compared to 2022 with cautious forecasts. This list in 2023 has seen an amazing change with the spectacular performance of the banking industry. The Vinhomes Joint Stock Company, topping the list in 2022, has been plunged to the bottom of the ranking to make room for the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank). A series of popular enterprises such as Hoa Phat, Masan, The Gioi Di Dong had to leave the Top 10 list to make room for PetroVietnam Fertiliser and Chemicals Corporation (DPM); FPT Joint Stock Company and a series of banks such as Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Military … [Read more...] about Top 50 public companies of 2023 sees major changes

Investors at Bao Viet Securities Co's headquarters in Ha Noi. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) inched down 0.27 per cent on Wednesday. — VNA/VNS Photo Shares on the two exchanges moved in opposite directions on Wednesday with cash flowing into blue chips as investors sought opportunities to purchase quality shares at favourable prices. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) inched down 0.27 per cent to close at 1,075.17 points. The southern market’s index rose 0.3 per cent on Tuesday. Meanwhile, on the Ha Noi Stock Exchange (HNX), the HNX-Index extended its rally to six consecutive sessions with a growth of 0.67 per cent to end at 222.81 points. Buyers had the advantage in market breadth with 564 gainers and 298 losers. Within the VN30 basket (which tracks the top 30 shares by market value and liquidity on the HCM City’s exchange), 19 stocks ended lower while eight gained and three closed flat. The heightened price volatility has … [Read more...] about Shares mixed, money flows in blue chips

Deputy Minister of Agriculture and Rural Development Nguyen Quoc Tri (L) and Mozambican Deputy Minister of Foreign Affairs and Cooperation Manuel José Gonçalves sign a minutes of the meeting. (Photo: VNA) Pretoria (VNA) – The 4th meeting of the Vietnam – Mozambique Intergovernmental Committee on Economic, Culture and Scientific-Technological Cooperation, took place in Maputo capital city of Mozambique on May 30, under the co-chair of Deputy Minister of Agriculture and Rural Development Nguyen Quoc Tri and Mozambican Deputy Minister of Foreign Affairs and Cooperation Manuel José Gonçalves. Organised after nearly 10 years of interruption due to various reasons, especially the COVID-19 pandemic, the meeting holds great significance in the context of the bilateral cooperation between the two countries, which has spanned 48 years since the establishment of diplomatic relations in 1975. Gonçalves emphasised the importance of enhancing high-level meetings and visits between the … [Read more...] about Huge potential for Vietnam – Mozambique cooperation: official

This will open new cooperation spaces and deepen collaboration in all spheres, from economy to tourism, employment, education and culture, as well as people-to-people exchange, Vietnamese Ambassador to the RoK Nguyen Vu Tung told the seminar. The event on connectivity between Korean localities and enterprises, and Vietnamese localities saw the participation of more than 100 delegates, including those from Vietnam’s Bac Lieu, Kon Tum and Thua Thien Hue provinces and Can Tho city, along with representatives from localities and more than 50 businesses of the RoK. Yoo Ming-bong, Secretary General of the Governors Association of the RoK (GAROK), noted that after 30 years of the establishment of the Vietnam - RoK diplomatic ties, the bilateral relationship has been seen as a model with political trust, dynamic, flexible, close economic cooperation, and close-knit ties between people of the two countries. GAROK will work together with Vietnamese localities in conducting activities to … [Read more...] about New cooperation spaces for Vietnam, RoK localities: seminar

How do you assess the potential of the supporting industry in Vietnam? Jun-Ho Lee, deputy director of the Vietnam-Korea Technology Consulting and Solution Centre (VITASK) Vietnam’s supporting industry sector has a large room for growth because the Vietnamese electronics industry has a fairly large position as one of the top 15 largest electronics exporting countries in the world. Besides that, this sector leads in the total import and export turnover of all industries in Vietnam. A report from the Department of Industry under the Ministry of Industry and Trade (MoIT) shows that in 2022, the electronics industry had an export turnover of $114.4 billion, an increase of about 6 per cent on-year, and accounting for over 30 per cent of the total export turnover of the whole country. Among the six groups of goods with export turnover of over $10 billion in Vietnam, there are also computers, mobile phones, electronics, and components. The export market of Vietnam’s … [Read more...] about Enhancing competition capacity of nation’s supporting industries

Factors potentially triggering the turmoil include monetary tightening, weak economic conditions, mismanagement, loss of confidence, maturity and currency mismatches, as well as instances of outright fraud and criminal activities. Most banks are resilient and avoid such difficulties -- but not all. Consequently, financial authorities must maintain preparedness to intervene whenever necessary, all while avoiding unintended consequences that could potentially sow the seeds of future banking crises. Global banking stress The current banking turmoil is largely due to the cycle of monetary tightening. Since early 2022, central banks have been quick to increase interest rates to bring inflation under control. In the United States, the effective Fed Funds rate increased by 500 basis points in just 14 months, a speed never observed since 1988. The European Central Bank has raised its policy rates by 400 basis points since mid-2022 and indicated that more rate hikes are forthcoming. … [Read more...] about Preparedness crucial in safeguarding banking sector

Speaking at a May 19 conference on plans to develop one million social houses for lower-income people and workers by 2030, Minister of Construction Le Thanh Nghi said that the ministry would coordinate with authorities to ensure it achieved its social housing targets. The ministry (MoC) has completed the draft amended Law on Housing, which has been approved by the government and submitted to the National Assembly for approval. It is hoped that the amended law will draw policies for social housing development and take effect from 2024, including planning and reserving land for social housing development, selection of project investors, and procedures for implementation. As of Q1 2023, Vietnam has completed just over 300 social housing projects in urban areas and worker housing projects in industrial zones (IZs), with nearly 156,000 units in total. About 400 projects are still planned to be built, with a total scale of 454,000 apartments. However, demand has not been fully met. … [Read more...] about Investors wanted for social housing efforts

Hotel supply in Vietnam has tripled over the past decade, photo Le Toan According to a report by DKRA Vietnam, the supply of villas and town houses across the country continued to decrease from the end of the second quarter of 2022. Specifically, in April only two projects were opened for sale, providing 12 apartments to the market, down 69 per cent from the previous month and down 98 per cent compared to the same period last year. Particularly, the Central region recorded the fourth consecutive month that no new projects were introduced to the market. “It is expected that in the next few months, supply and demand may increase slightly. However, the market will not have obvious fluctuations with key transactions, except from expected transactions on Phu Quoc island,” according to DKRA’s report. The primary selling price did not alter greatly compared to the previous month. Instead, investors have aggressively launched discounts up to 30-40 per cent to stimulate market … [Read more...] about Second home real estate on the slow path to recovery