The highest dong deposit rate of 11.9 percent pa, established from April 15, has lately been replaced by the 11.5 percent pa threshold. Hanoi Building Commercial JS Bank or Habubank has announced to adjust the deposit rates of its whole system. The adjustment is under the direction of State Bank of Vietnam (SBV) as well [...]
The dong is set to sustain recent gains against the U.S. dollar, damping concern of another devaluation of the currency, according to the securities unit of Vietnam’s biggest fund manager. Fitch Ratings last month cited lack of confidence in the dong and the gap between the official and black-market exchange rates in placing Vietnam’s debt [...]
US$1 in the free market was sold at VND 19,060 yesterday, a reduction of VND 50, as much as the selling US$ price listed by commercial banks for the first time. The same day, US$ prices quoted by the Vietcombank were VND 18,990 for buying and VND 19,060 for selling, a slight decline of around [...]
Depositors, especially businesses with large sums, have gained the initiative in bargaining for interest rates, leaving commercial banks at the mercy of short-term depositors who are here today, gone tomorrow. Though commercial banks have set deposit interest rates at 10.49 percent on average, many depositors are telling them that if banks do not pay interest [...]
Many small and medium-d companies are considering shifting to other businesses or cutting production levels because of the high interest rates on bank loans. Economic experts warned that such rates could severely affect economic growth and end up stifling business production. Tran Tan Thuat, general director of Sao Xanh Co Ltd, said his animal feed [...]
The dollar price has decreased since late 2009, but consumers have not benefited, because prices of imported products have not decreased accordingly. The State Bank of Vietnam (SBV) adjusted the dong/dollar official exchange rate twice in late 2009 to stabilize the foreign currency market. The black market dollar has also been decreasing, closing in on [...]
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