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State Bank of Vietnam to kick off gold auctions with 630 kilos of gold

In its first gold auction since 2013 the State Bank of Vietnam is set to make available about 630 kilograms of gold for banks and financial firms to bid on, VN Express is reporting. The online publication is also saying that the SBV intends to import more gold to fill the gap–this will need to be purchased in US dollars and will likely add pressure to the dong. It’s not clear how the SBV intends to manage this scenario should it arise.

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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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