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Bank of America expects dong to slide another 1 percent in 2024

The Bank of America is expecting the Vietnamese dong to slide by another 1 percent by the end of the year, CNBC is reporting. According to the publication, the BofA made the assessment based on “Vietnam’s political instability following the second presidential resignation in two years as well as difficulty in its property sector”. This counters broader narratives that have suggested that the leadership struggles in the country will not impact Vietnam’s development. 

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Vietnam power prices rise an average of 4.8 percent, still below cost

October 12, 2024

Of note, EVN has been running at a loss for some time and banking huge losses with no retail power prices increases in the four years to November 2023. For reference, the average electricity price for the world is 15.5 US cents per kilowatt-hour with electricity in Vietnam running at about 7.5 US cents per kilowatt-hour…

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Vietnam needs change in ‘thinking and vision’ for economic development: Economist

October 12, 2024

Vietnamese economist Tran Dinh Thien, has told local news outlet Vietnamnet that Vietnam’s ‘socialist-oriented market economy’ model needs a revamp, with its progress hindered by an over emphasis on the ‘socialist-oriented’ part rather than the ‘market economy’ part. “…Development inclines to ‘socialist orientation’, while the ‘market’ factor has been somewhat restrained which makes it unable to develop in [sic] the right track,” he told the publication…

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Vietnam Ministry of Planning and Investment sets 2025 growth target at 7-7.5 percent

October 12, 2024

Vietnam’s Ministry of Planning and Investment has set a target for GDP growth for Vietnam in 2025 of 7 to 7.5 percent in 2025, aiming to become one of the top 33 global economies, Tuoi Tre has reported. The goal includes achieving a GDP of US$500 billion and increasing per capita income to around US$4,900, up from US$4,284 in 2023. The article does not detail the Ministry of Planning and Investment’s rationale for setting this target…

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Vietnam C.Bank raises reference rate slightly, Friday

October 11, 2024

This Vietnamese Dong Tracker records the latest news and developments with respect to the local currency. It includes the current prices as well as State Bank of Vietnam monetary policy and open market operations including treasury bill issuances and interbank lending.

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