One key reason was Vietnam’s border closures in the second quarter due to Covid-19 having prevented investors from conducting site visits in Vietnam, which Fitch Solutions expected to impact FDI flow during the second half of this year. As of present, the VND has appreciated by 1.1% against the US dollar and has averaged VND23,290/USD in the year-to-date. The Vietnamese dong will remain stable for the rest of the year but may appreciate by 0.5 percent in 2021, VNDirect Securities Corp forecast. Recently it also added the Vietnamese Dong for P2P trading. You will also be provided a Certificate of Authenticity. By Staff Writer Last Updated Apr 12, 2020 9:37:03 PM ET. However, he found the … Vietnam is likely to meet its target of reining in inflation at a rate of below 4% in 2021, although experts warn that unfavourable factors could impact market fluctuations. While it is likely that some of the strength in the REER could be attributed to productivity gains, an overvalued currency would in general still weigh on export competitiveness, dragging on export earnings and the strength of the dong. Minister of Agriculture and Rural Development Nguyen Xuan Cuong talks about measures to promote modern agricultural development. Any effort to weaken the dong will be mild so as to avoid possible sanctions from the US given that Vietnam has remained on the US Treasury’s currency manipulator watchlist in its January 2020 report. The Vietnamese dong gained 0.2% this year, underperforming Asian peers including the Chinese offshore yuan, which rose about 7% in the same period. Fitch Solutions expected Vietnam’s trade surplus to remain wide over the near term, as low oil prices do not inflate the import bill, while exports receive a boost from shifts in manufacturing operations to Vietnam over the past two years. Fitch Solutions maintains its expectations for the dong to remain on a gradual depreciatory trend against the US dollar due to the dong’s persistent overvaluation and higher structural inflation in Vietnam versus the US, averaging VND23,400/USD in 2021. View the currency market news and exchange rates to see currency strength. HA NOI — The State Bank of Viet Nam plans to increase the value of the Vietnamese dong against the US dollar over the next four months in a bid to protect the value of the domestic currency, State Bank Governor Nguyen Van Binh told Sai Gon Economic Times this week. Tue, 21 January 2020. The dong reached a … The Vietnamese dong’s real effective exchange rate (REER) is trading 12% above its 10-year average, which suggests currency overvaluation. In long-term outlook, Fitch Solutions expected the VND to remain on a gradual weakening trend against the US dollar due to VND’s persistent overvaluation and higher structural inflation in Vietnam versus the US. Being on the watchlist implies that Vietnam is still at risk of coming under punitive tariffs such as those levied on China, although these risks appear low, as the US will likely continue to reduce its dependence on Chinese exports by reorganizing its supply chain with other partners like Vietnam. Moreover, global supply lines could be disrupted for longer by movement restrictions driven by Covid-19, and as such obtaining imports to ease the supply crunch could also be challenging. The rising trade surplus will constitute a source of support to the VND, asserted Fitch Solutions. Vietnam’s development outlook is set to be formulated over the next few weeks when the 13th National Party Congress takes place in Hanoi. Business and Foreign Investment: Infrastructural Improvements Will Boost Vietnamese Exports. Vietnamese Dong article http://globalcurrencyreset.net/vietnamese-dong/ Vietnamese Dong - don't invest in a scam. Le Van Danh, deputy head of the DIZA, said that in 2020, Dong Nai exceeded its annual plan by attracting 92 new investment projects, including 66 FDI ones. High inflation would weigh on Vietnam’s export competitiveness in addition to incentivizing imports, which combined, would pressure the dong weaker over the long run. Building up foreign reserves would weaken the VND. 4 Doing business in Vietnam 2020. The Covid-19 pandemic has disrupted investment flow into Vietnam’s startups, but for venture funds, Vietnam is still considered a priority market in Southeast Asia in 2021. The USDVND increased 1.0000 or 0.00% to 23,065.0000 on Friday January 15 from 23,064.0000 in the previous trading session. On the other hand, given that exports account for more than 100% of GDP in 2019, it is unlikely that the SBV will pursue a stronger dong, especially as this might weigh on the recovery of the country’s export-oriented manufacturing sector over the coming months hit by Covid-19. In recent years, an increasing number of regional firms have targeted the region in sectors such as agro-processing, marine exports, renewable energy, and tourism. After four long years of debate, negotiation, elections, and more debate, the United Kingdom has finally and officially left the European Union. Moreover, given the above trends, the central bank would be more likely to be buying foreign reserves than to be buying VND. This suggest that food inflation is likely to remain elevated for some time. One US bank Kirchenbauer called was offering one million Vietnamese dong for $56.90, which works out to 17,574 VND per dollar. Even after our money back guarantee expires, you will still have the option to sell your Vietnamese Dong back to us at any point in the future. As such, Fitch Solutions forecast the unit to average VND/USD23,600 in 2022. African swine fever, which ravaged Vietnam in 2019, reduced the country’s hog herd by about a fifth and Fitch Solution expected pork production to only recover somewhat closer to 2023. Low risk of being listed as currency manipulator. The regulatory sandbox for financial technology (fintech) which is expected to be created this year, coupled with efforts to promote the use of digital financial services, are expected to accelerate the development of fintech in Vietnam. Vietnam’s rice processing and trading have overcome the difficulties caused by the ongoing pandemic to acquire the export turnover of over $3 billion in 2020, a record in the past nine years, with exporters remaining bullish over future prospects. Traditional markets and groceries still hold the largest share of the consumer retail market, but new business models are scrambling for a piece of the pie. The U.S. Treasury Department has branded Vietnam and Switzerland as currency manipulators while putting China and nine other countries on a watch list in … Value Of Dong Today Wednesday, 28 October 2020. Vietnam has been on the US Treasury’s currency manipulator watchlist for several years, which puts it at risk of coming under punitive tariffs such as those levied on China. GMT+7, Vietnamese currency forecast to continue weakening in 2020, Vietnam imports rice from India for first time, New entity to invigorate Vietnam’s stock markets, High expectations laid out through fresh policy move, 4% inflation target set for 2021 within reach: experts, Vietnamese billionaires’ net worth increases after battling headwinds of 2020, Disbursement of public investment at record since 2016, still misses Gov’t target, Vietnamese dragonfruit needs to find new export markets: Experts, Fintech forecast to be robust this year, driven by the creation of regulatory sandbox, Brexit deal met with relief across Europe, Party congress to highlight critical role of private sector, Country’s IT groups pioneering in digital transformation efforts, Cash flows to Vietnam, more young people start up businesses, Over 14 billion USD mobilised through G-bond auctions at HNX in 2020, Vietnam heads towards modern, integrated agriculture, After fast growth, domestically assembled cars face downtrend, Digitizing traditional markets – $10 billion potential, Vietnam stands firm amid pandemic: international media, “The Magic Stick” - first-ever combination of circus and traditional music, Universities offer new majors for 2021-22 academic year. The Vietnamese IT market has seen a strong increase in digital products, platforms, and services in 2020, with many gaining bolder steps in domestic and international markets. Accordingly, it is expected realized FDI to lag further behind 2019 levels over the coming months. In the first 11 months of this year dragonfruit exports fell by 10 per cent because of the COVID-19 pandemic but still dominated Vietnamese fruit exports with shipments of more than US$1 billion. Vietnamese Dong Exchange Rate Forecast Sunday, 17 January 2021. A September report from The Economist has stated that the Vietnamese government will continue to privatize more businesses in the coming year. However, Fitch Solutions said that Vietnam’s current account surplus is likely to come down, especially oil prices are set to rise over the coming quarters alongside a global economic recovery, which will raise Vietnam’s import bill. Vietnamese money dong is seen at the Asia Commercial Bank in Hanoi, Vietnam in this 2008 file photo. The foreign exchange rate of the Vietnamese dong against the US dollar is forecast to be under greater pressure in 2020 Finance expert Nguyen Tri Hieu said that pressure on the exchange rate would be bigger this year as a greenback supply decline in the domestic market is forecast, driven by weaker foreign direct investment (FDI) inflows and exports. Outbound travel restrictions imposed by countries will continue to hamper on-site visits by potential investors to Vietnam, even though the country is currently allowing business travelers into the country. With a foreign reserve position of US$84 billion as of July, representing around 4.0 months of imports, Fitch Solutions expected that the SBV has sufficient firepower to keep the VND stable over the coming months. Investing in Vietnam, Engaging the world. The exchange has recently suspended deposits for IDR [Indonesian Rupiah] and ZAR [South African Rand] due to some maintenance issues. In the short-term, the State Bank of Vietnam (SBV)’, the country’s central bank, is expected to continue maintaining currency stability to sustain exports competitiveness, according to Fitch Solutions, a subsidiary of Fitch Group. The Hanoitimes - Vietnam’s central bank is expected to pursue a stronger dong, especially as this might weigh on the recovery of the country’s export-oriented manufacturing sector over the coming months. "Since February, the real value of Vietnamese dong has risen slightly," Binh said. Comprehensive information about the USD VND (US Dollar vs. Vietnamese Dong). Fitch Solutions, a subsidiary of Fitch Group, expected FDI inflow to be somewhat weaker in 2020 relative to 2019, adding this will provide less support to the dong. 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