Exchange rate adjustment has no immediate impacts on exporters
Vietnamese export enterprises said they are not likely to be affected by the State Bank of Vietnam (SBV)’s adjustment of the average inter-bank exchange rate between the VND and USD.
Vietnamese export enterprises said they are not likely to be affected by the State Bank of Vietnam (SBV)’s adjustment of the average inter-bank exchange rate between the VND and USD and the extension of the trading band for commercial banks in the immediate future.
According to Dang Phuong Dung, Vice President and Secretary General of the Vietnam Textile Association (VISTA), although the adjustment benefits domestic enterprises’ export activities, enterprises will have to import input materials such as raw cotton and chemicals for dyeing at higher prices.
Fortunately, prices for those materials have been pegged in business contracts from the outset of this year, which protects the enterprises from exchange rate risks, Dung said.
The Hanoi Trade Corporation (Hapro) – which is seeking foreign markets for its agricultural products – also benefits from the exchange rate surge, said Hapro Managing Director Nguyen Thi Thu Hien, highlighting that the company gets payment in USD from exports while purchasing agricultural products for processing in VND.
Appreciating the exchange rate adjustment as a timely response to the Chinese yuan’s devaluation, Vice Chairman of the Vietnam Association of Seafood Exporters and Processors (VASEP) Nguyen Hoai Nam said the move would partly help domestic exporters compete against counterparts in India and China where the governments have reduced short-term lending interest rates or adjusted exchange rate.
He added that however, the adjustment is still modest and thus its impact is not so obvious.
Meanwhile, Vice Chairman of the Vietnam Steel Association Nguyen Van Sua believed that the move is a double-edged sword, likely to cause substantial issues for the steel sector, which is suffering from a trade deficit.
Vietnam’s steel sector imports over 9 billion USD worth of materials every year. In the first six months of this year, the country bought more than 6.9 million tonnes of steel from foreign markets at a cost of over 3.82 billion USD, yet it only gained 873,000 USD from exporting 1.2 million tonnes of steel.
According to Sua, while the current adjustment of 1 percent is yet to pose a big problem for the sector, difficulties will arise when more similar moves are taken in the future.-VNA
Local auto import distributors could record high growth in the second half of the year as the US dollar has recently raised its value against other foreign currencies.
The State Bank of Vietnam (SBV) will keep the fluctuation of the VND/USD exchange rate at a maximum of 2 percent in 2015, as set in its policy for the year, despite the fact that the rate has already been adjusted by 1 percent twice this year.
Vietnamese shares tumbled for the second day on August 12, following the information that China had devalued its currency twice in two days, forcing the SBV to revise the exchange rate band.
The State Bank of Vietnam (SBV) has increased the average inter-bank exchange rate between the VND and USD applicable to August 19 by 1 percent, from 21,673 VND to 21,890 VND per one USD.
Commercial banks altogether spiked the US dollar price after the State Bank of Vietnam (SBV) increased the average inter-bank exchange rate between the Vietnamese dong (VND) and the USD.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
Illustrative image (Photo: VNA)
