Vietnamese Dong rate update

[Hurricane88]

Originally Posted by hosayboh

Good good......dongs going down.....

When i change on fri, official bank rate is 1sgd = 12,414vnd. But the black market rate is higher...think there is a demand for foreign currency...

[Hurricane88]

Yesterday changed at my usual place 1sgd = 12770vnd.

[Hurricane88]

Dong near record low on concern inflation to quicken


Vietnam’s dong reached a record low on concern inflation will accelerate, deterring investors and prompting exporters to hold onto their dollars as a hedge against rising prices. Bonds gained.


The central bank told lenders to rein in credit as inflation is showing signs of quickening through the rest of the year, according to a statement on the bank’s website on July 15. Demand for the greenback has exceeded supply at Vietnamese banks as exporters are hoarding the dollar, the monetary authority said on July 10. Companies are unable to access dollars to pay bills, an importer said Wednesday.

“I would stay clear of the Vietnamese dong at this stage really,” Thio Chin Loo, a senior currency analyst at BNP Paribas SA, said Thursday in a Bloomberg Television interview. “Vietnam has problems with trying to control inflation, which was one of those bear-bugs of the currency over the past year.”

The dong slid to VND17,862 a dollar, an all-time low, before trading at VND17,813 as of 2:32 p.m. in Hanoi, according to prices from banks compiled by Bloomberg. The currency has weakened 1.8 percent this year.

Domestic banks can only supply about half of importers’ demand for US dollars, so “we’ve been forced to source the rest from the black market at an additional cost of 5 to 6 percent,” Le Phan Duc, deputy general director at Vietnam

Germany Steel Pipe Joint Stock Co., which imports raw materials from South Korea, Taiwan, China and Russia, said Wednesday.

Consumer prices

Gains in consumer prices have decelerated for 10 months to 3.9 percent in June, the slowest since January 2004, after reaching a peak of 28.3 percent in August, the fastest in Asia. The General Statistics Office in Hanoi may release July data as early as this week. BNP Paribas’ Loo predicted inflation may accelerate later this year.

Standard Chartered Plc’s Tai Hui, head of Southeast Asian economic research in Singapore, Thursday forecast the dong will slip to VND18,500 by the end of the year.

The State Bank of Vietnam fixed the reference rate at VND16,965 a dollar, compared with VND16,963 on Wednesday, according to its website. The currency is allowed to trade up to 5 percent on either side of the set rate.

Government bonds advanced Thursday, with the yield on the benchmark five-year note dropping 20 basis points to 9.57 percent, according to prices compiled by Bloomberg. A basis point is 0.01 percentage point.

“Some commercial lenders with idle cash have switched to bonds after the central bank told them to slow lending for the rest of the year,” Trinh Hoai Giang, deputy general director at the Ho Chi Minh City Securities Co. said by phone.

Source: Bloomberg

[hosayboh]

Best rate at TSN airport today, 1sgd=12562D

[Hurricane88]

Originally Posted by hosayboh

Best rate at TSN airport today, 1sgd=12562D

You will get higher in town. I changed two weeks ago at 1sgd = 12,770vnd

[wonder888]

vietnamese dongs are getting higher or lower?

[Hurricane88]

Originally Posted by wonder888

vietnamese dongs are getting higher or lower?

Lower compared to early of the year....vnd will gets lower to encourage more export...

[hosayboh]

Originally Posted by Hurricane88

You will get higher in town. I changed two weeks ago at 1sgd = 12,770vnd

Ya, but no time go to my fav ha tam in d1. Got a bus to catch.
finally changed today in tan chau at 12620.

[jackbl]

Tan Chau a part of Tay Ninh province, will not have good exchange rate as compared to HCMC.... No problem hor, if u change S$1000, u will lost out only S$12 neh...

Originally Posted by hosayboh

Ya, but no time go to my fav ha tam in d1. Got a bus to catch.
finally changed today in tan chau at 12620.

[haha_123]

Today's rate:

At HCMC airport, 1 SGD = 12,480 VND
At money-changer in District 1, 1 SGD = 12,650 VND

[ffff]

AMK HUB 100SGD to VD is 12630

[hosayboh]

Originally Posted by jackbl

Tan Chau a part of Tay Ninh province, will not have good exchange rate as compared to HCMC.... No problem hor, if u change S$1000, u will lost out only S$12 neh...

Troi oi, Bu boi. Kakaka, u must remind me.

[everlasty]

Bross, I understand that you change Dong at Ben Thmn will get a higher rate.. But to my understanding, what about USD? Do we change in SG or Viet? If in Singapore, Where do we go change USD?

[Hurricane88]

Originally Posted by everlasty

Bross, I understand that you change Dong at Ben Thmn will get a higher rate.. But to my understanding, what about USD? Do we change in SG or Viet? If in Singapore, Where do we go change USD?

Don't bother to change USD la...just use SGD to change in HCM will do...if you really need USD change in Sin...

[everlasty]

Bro.. I thought we need to pay hotel in USD?which would be better rate?or in dong is better?