US dollars in Vietnam were being sold for as much as 26,000 dong each over the weekend, according to CafeF. This is about 550 dong higher than is permitted through legal channels. For background, Vietnam works on a floating peg by which the dong can be traded at 5 percent with sider of a mid-rate set by the State Bank of Vietnam–the SBV–each day. That rate was 24,256 on Saturday with a top selling price of 25,450.

The SBV struggled to keep the dong from devaluing beyond 25,450 last week. Over the course of the week it issued US$1.2 billion in treasury bills to suck up liquidity and sold about US$520 million from its US dollar reserves, but still finished the week where it started. This latest development suggests that there might be more of the same this week.

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Vietnam statistics office finds second quarter GDP growth at 6.93 percent

June 30, 2024

The GSO estimates that the agriculture, forestry and fishery sector grew by 3.34 percent, the industrial and construction sector grew by 8.29 percent, and the service sector grew by 7.06 percent. This is broadly reflected in Vietnam’s top ten individual-item exports in the first five months of this year which registered an average growth rate of 14.9 percent compared to 2023…

Vietnam Value Added Tax cut extended to end of the year

June 30, 2024

The VAT is normally 10 percent, however, it was reduced during COVID as an economic stimulus measure to 8 percent. But Vietnam’s economic recovery was in large part thwarted, much like in many other countries, by the Ukraine War and the rising fuel prices that came with it. This has led to extensions of the aforementioned VAT cut for the better part of the last four years…

Singapore firm adds 196 MW to Vietnam renewable energy to portfolio

June 30, 2024

Of note, Vietnam ranked second in attracting FDI in renewable energy among developing economies from 2015 to 2022, according to the UN Trade and Development World Investment Report 2023. Key foreign investors in renewables in Vietnam are GE Renewable Energy, Copenhagen Infrastructure Partners, and Enterprize Energy…

Vietnam property market reform laws’ start date moved up to August 1

June 30, 2024

Whereas some elements of these laws were already in force, the bulk of the reforms contained therein were not due to kick-in until January 2025. These laws, however, have been slated as a cornerstone of the recovery of Vietnam’s real estate industry which, although showing some signs of improvement, is still floundering. Among the reforms are changes that should open up the local real estate market for Vietnamese living abroad as well as a simplified dispute resolution process…

Vietnam’s adds US$4.1 billion FDI, June [data set]

June 29, 2024

Vietnam added another 311 foreign direct invested projects to its 2024 tally in June, along with almost US$4.1 billion in additional capital commitments, according to data from Vietnam’s Ministry of Planning and Investment. The biggest gains were in manufacturing and processing which added 100 new projects and US$3.3 billion…

Vietnam Airlines pursuing loan payment deferral from National Assembly

June 29, 2024

Whereas there may be an argument to be made for supporting the national carrier in events outside of its control, in the current circumstances there should be some pause for thought. That said, the airline is a huge operation with lots of moving parts, lots of ancillary businesses that rely on its continued operation, and lots of employees that rely on the airline for their paycheck–it’s unlikely the National Assembly will deny the airlines’ request…

Vietnam consumers hold off on buying new cars waiting for cut in registration fees

June 29, 2024

For some context, registration fees can vary between provinces, however, the highest it can be, per Circular 229, is VND 20 million or about US$786. With a 50 percent discount that’s VND 10 million or about US$393. With a new car running at around VND 300 million to VND 500 million this reduction in registration fees is a drop in the bucket. In this context, one reading of this might be that correlation does not necessarily mean causation. It could also be, however, that the love for a good discount in Vietnam is not always entirely rational…

Taiwanese Apple supplier Wistron set to increase investment in Vietnam

June 29, 2024

Driven by the US-China trade war and political tensions, Taiwanese tech companies like Wistron have been diversifying out of China and increasing their investments in Southeast Asia, particularly Vietnam. Other major Taiwanese Apple suppliers like Foxconn and Pegatron, for example. There are a number of reasons for this…

Foreign investors net-sell US$46 million HoSE stocks, Friday: Vietnam Stock Market Tracker

June 28, 2024

The Vietnam Stock Market Tracker provides a daily update of the latest developments in the stock market in Vietnam. This includes all of Vietnam’s most important indexes as well as the buying and selling activity of foreign traders, and the biggest gainers and loser for the day.

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Black market US dollars sell for 550 dong higher than Vietnam official exchange rate

latest news

Vietnam statistics office finds second quarter GDP growth at 6.93 percent

Vietnam Value Added Tax cut extended to end of the year

Singapore firm adds 196 MW to Vietnam renewable energy to portfolio

Vietnam property market reform laws’ start date moved up to August 1

Vietnam’s adds US$4.1 billion FDI, June [data set]

Vietnam Airlines pursuing loan payment deferral from National Assembly

Vietnam consumers hold off on buying new cars waiting for cut in registration fees

Taiwanese Apple supplier Wistron set to increase investment in Vietnam

Foreign investors net-sell US$46 million HoSE stocks, Friday: Vietnam Stock Market Tracker

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