Vietnamese deposits overseas, which were previously negligible, skyrocketed to hit 7.3 billion USD as of the third quarter of 2015, it was reported at a conference in Hanoi on April 12.
Hanoi (VNA)🍌 – Vietnamese deposits overseas, which were previously negligible, skyrocketed to hit 7.3 billion USD as of the third quarter of 2015, it was reported at a conference in Hanoi on April 12.
President of the Vietnam Institute for Economic and Policy Research (VEPR) Nguyen Duc Thanh said the significance rise requires further tracking and analysis, adding that this phenomenon can be related to some side effects of the Government’s foreign exchange policy, including the zero percent interest rate for deposits in US dollar.
The issue was highlighted in the VEPR’s report on macroeconomic in the first quarter of the year which was made public at the conference.
While affirming that the curbing of dollarisation is a correct move of the State Bank, the report said more synchronous solutions are needed to enhance trust in the domestic currency. Only then can the economy utilise the great amount of foreign currencies that Vietnamese are now depositing overseas, it said.
According to the report, the absence of an effective USD trading market coupled with the zero-percent interest rate on USD deposits have prompted many people to deposit their foreign currencies abroad while domestic banks have to borrow from foreign banks at high interest rates.
It also said low interest rates for both deposits and loans in USD together with expectations of VND devaluation following the devaluation of the Chinese yuan have prevented banks from finding borrowers of USD. As a result, depositing foreign currency in foreign banks becomes the most profitable solution.
If this theory is proved to be true, the amount of deposits overseas can continue to rise, the report said.
The report also noted the potential risk of rising inflation in the latter half of the year when the fees of many health care and educational services are adjusted up, world prices recover and food prices go up as a consequence of drought.
VEPR recommends policy-making agencies to control money supply at suitable levels, adding that the target of 18-20 percent of credit growth this year may affect inflation control.
The report underlined foreign direct investment as a bright spot in the overall economic picture, with the inflow remaining healthy and stable in the reviewed period.-VNA
The State Bank of Vietnam (SBV) will tighten lending in foreign currencies in some cases from March 31 in an effort to step up its anti-dollarisation drive.
Deposit interest rates in the Vietnamese dong this year are expected to rise one percent against last year, according to a report from the National Financial Supervisory Commission (NFSC).
The Trans-Pacific Partnership (TPP) will open up opportunities for foreign organisations to land their investment in the Vietnamese financial market in different kinds.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Illustrative image. (Photo: cafef.vn)
