vnd is dead ,no posts , no real movement in the vnd
ANZ Bank forecasts USD/VND exchange rate by the end of this year at 16,240. As a rule, in the closing months of every year, the US dollar becomes stronger as importers seek foreign exchange to pay for imports. However, some people predict that the pressure to weaken the US dollar would continue, as major IPOs were likely to guarantee sizable foreign capital inflows.
HANOI (AFP) — The World Bank Thursday improved funding access for Vietnam, placing it within the ranks of middle income countries due to good development progress and increasing credit worthiness.
World Bank country director Ajay Chhibber said Vietnam could access the International Bank for Reconstruction and Development (IBRD) for financing poverty reduction which will supplement existing schemes.
"More support from the WB (World Bank) will help Vietnam achieve its growth in the future ... in an inclusive and sustainable manner," Chhibber said.
The country, which became a member of the World Trade Organisation in January, has seen sustained annual economic growth rates of more than eight percent.
Vietnamese Prime Minister Nguyen Tan Dung said in October he expected the country's GDP per capita would reach 960 dollars next year, higher than the predicted 835 dollars for 2007.
This was expected to result in Vietnam being removed from the list of developing countries with low incomes.
Prime minister admits failure in containing inflation
09:58' 27/10/2007 (GMT+7)
VietNamNet Bridge – Prime Minister Nguyen Tan Dung on October 26 admitted that the government has not been able to contain the price hike due to its failure to foresee market fluctuations.
Talking with the press on the sidelines of the ongoing second session of the 12th National Assembly in Hanoi, he cited exporters’ suffering from the increase in the value of the Vietnamese dong, saying that it was due to the government’s inappropriate macro management of the VND-USD exchange rate.
“The government made a serious self-criticism on the issue before the National Assembly,” PM Dung said, adding that the hike in prices of inputs and raw materials and the exchange rate of foreign currencies in the world market was also one of the factors to drive inflation up.
The PM also acknowledged the failure in implementing the policy on developing the auto industry through protectionism, saying “this is a lesson”. He stated that the government is concentrating on solving the issue.
In reply to concerns about the national economy’s capability to absorb investment capital, the PM said the investors always calculated decisions regarding their money and the role of the government is to create favourable conditions for them.
On a recent international survey that placed Vietnam sixth in the world’s top ten countries in terms of investment attraction, PM Dung said the government is not content with the assessment and is resolved to develop a dynamic and transparent business environment to attract more investment and help the national economy grow in a fast and sustainable manner.
(Source: VNA)
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