Foreign currency credit in HCMC this year has slumped a staggering 3.68% against the end of last year, according to the HCMC branch of the State Bank of Vietnam (SBV). Foreign currency credit in the city’s banking system shrank 8.78% last year. The fall in January-March foreign currency credit has pushed the city’s credit growth down to a mere 0.26% as total outstanding loans in Vietnam dong have... 

The State Bank of Vietnam has authorized the Saigon Jewelry Company (SJC) to make bullion gold to provide to the market. Declining to say about the amount of gold to be made, but a representative of the central bank said a big amount would be marketed to help stabilize the prices. In an official statement released on March 20, the State Bank affirmed that SJC has been officially assigned the task of... 

The State Bank last week stepped in to calm a fluctuating foreign exchange market by reducing the selling price of USD on the interbank market. At the beginning of last week, the exchange rate applied by commercial banks suddenly increased, with Vietcombank’s USD selling price increasing from VND20,970 on March 1 to VND21,020 on March 5, 2013. The exchange rate on the unofficial market was VND21,190... 

The forex market saw busy trading as the informal exchange rate on Wednesday rose to VND21,160 for buying and VND21,190 for selling, up VND10-30 against last week. Meanwhile, in the official market, the greenback was quoted at VND20,855 for buying and VND20,860 for selling during the morning. The rate cooled down in the afternoon and stood at VND20,843-20,847 at the end of the day, lower than VND20,960... 

The U.S. dollar firmed against Vietnam dong at local banks and on the informal market on Tuesday, selling for over VND21,000 to hit a two-week high. At some foreign currency exchange counters near Ben Thanh Market, the greenback rose to VND21,150 and VND21,170 for buying and VND21,210 to VND21,230 for selling. A forex trader noticed that the price had surged some VND50-70 a dollar against late last... 

During the last two weeks the domestic foreign exchange market saw continuous fluctuations in the forex rate between the dong and US dollar, although the forex rate on the inter-bank market was stable at VND20,820. In particular, on February 20 the forex rate between the dong and dollar in the open market increased to 21,100 per dollar, up by VND80 compared with the rate on the previous day. Accordingly,... 

Some banks increased U.S. dollar selling prices from VND20,940 to as much as VND21,036 on Thursday. Vietnam International Bank (VIB) quoted a selling price at VND21,035 per U.S. dollar, only VND1 lower than the ceiling level. Earlier, at 4:30 p.m., BIDV raised the greenback price to the ceiling level, but then lowered it to VND20,910 on closing transactions. ACB adjusted its quotation board 18 times... 

A big amount of foreign currencies has been sold by people recently since they, after weighing pros and cons, decided that it would be better to keep dong than dollars. The State Bank of Vietnam has never before bought foreign currencies so continually and in such a big quantities. The foreign currency reserves have reportedly reached the highest peak so far. Instead of keeping foreign currencies... 

The demand for foreign currency loans for the year-end shopping season among enterprises has not risen much although the first month of the final quarter has passed. The inter-bank exchange rate has been stable at VND20,828 per dollar since the year’s beginning. Prices of the greenback quoted at banks have increased slightly but have not reached the ceiling of VND21,036. The foreign exchange market... 

Businesses have demanded more loans in foreign currencies to prepare for the year-end production season. Meanwhile, banks have reported the sharp falls in the capital mobilized. In principle, businesses would prefer borrowing capital in foreign currencies to Vietnam dong in order to enjoy the lower interest rates, if the dong/dollar exchange rate is stabilized. It’s now the right time for businesses...