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rags2riches4life

VND RV???

18 posts in this topic

[url="http://articlesofinterest-kelley.blogspot.com/2011/01/vietnam-may-adjust-vndusd-fx-rate.html"]My link[/url]


January 29, 2011

Vietnam may adjust VND/USD FX rate during Tet

On January 27, The VND/USD exchange rate on the free market in Hanoi traded at 20,930 – 21.000 dong/US dollar (bid and ask), according to Lao Dong newspaper.

Compared with the exchange rate that was quoted on the banking system at 19.500 dong/US dollar, the exchange rate on the free market is now higher than 10.7 percent.

Statistically, the difference of 7-10 percent has been maintained for almost three months. Many opinions are very supportive about the exchange rate adjustment in this Lunar New Year. The market is waiting this news when only a few more days are left for the Lunar New Year.

According to experts, the difference in the exchange rates has made it difficult for banks doing foreign currency business.

It is worth mentioning that this bring more difficulties for export-import companies that have to accept the free foreign currency exchange rate.

According to Thang Long Securities Corporation (TSC), the market, including commercial banks had in one way or the other accepted almost trading at the exchange rate of the free market.

But the recent messages from the government are likely to make an adjustment in the exchange rate during the Tet festival this year.

Professor Tran Hoang Ngan, member of Vietnam’s National Financial and Currency Advisory Council has proposed to the government to adjust the exchange rate right in January when the short-term funds into Vietnam tend to rise, the US dollar price tends to decrease on the free market along with information sources remittances of up to $8 billion.

Besides, the information refers to the exchange rate that may be adjusted at 20.500 dong/US dollar and suggested that dong interest rates should be as high as reasonable to encourage people not to withdraw dong to buy the foreign currency.

According to Pham The Anh, chief economist of TSC, the message shows the exchange rate adjustment will soon be implemented, and now the only problem is choosing the most appropriate time.
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[url="http://articlesofinterest-kelley.blogspot.com/2011/01/vietnam-may-adjust-vndusd-fx-rate.html"]My link[/url]


January 29, 2011

Vietnam may adjust VND/USD FX rate during Tet

On January 27, The VND/USD exchange rate on the free market in Hanoi traded at 20,930 – 21.000 dong/US dollar (bid and ask), according to Lao Dong newspaper.

Compared with the exchange rate that was quoted on the banking system at 19.500 dong/US dollar, the exchange rate on the free market is now higher than 10.7 percent.

Statistically, the difference of 7-10 percent has been maintained for almost three months. Many opinions are very supportive about the exchange rate adjustment in this Lunar New Year. The market is waiting this news when only a few more days are left for the Lunar New Year.

According to experts, the difference in the exchange rates has made it difficult for banks doing foreign currency business.

It is worth mentioning that this bring more difficulties for export-import companies that have to accept the free foreign currency exchange rate.

According to Thang Long Securities Corporation (TSC), the market, including commercial banks had in one way or the other accepted almost trading at the exchange rate of the free market.

But the recent messages from the government are likely to make an adjustment in the exchange rate during the Tet festival this year.

Professor Tran Hoang Ngan, member of Vietnam’s National Financial and Currency Advisory Council has proposed to the government to adjust the exchange rate right in January when the short-term funds into Vietnam tend to rise, the US dollar price tends to decrease on the free market along with information sources remittances of up to $8 billion.

Besides, the information refers to the exchange rate that may be adjusted at 20.500 dong/US dollar and suggested that dong interest rates should be as high as reasonable to encourage people not to withdraw dong to buy the foreign currency.

According to Pham The Anh, chief economist of TSC, the message shows the exchange rate adjustment will soon be implemented, and now the only problem is choosing the most appropriate time.
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Does anyone have any idea what the dong would RV at? I've tried to research dong but I havent found much accept that it looks like it could RV soon. I actually drove down to SD today (1.5 hr traffic each way) and bought dong at travlerex..it cost about $62 per million. I had a gut feeling to buy it..so we'll see if my gut was right.

Any info would be much appreciated! Thanks and go RV!
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[quote name='dinargirl101' date='29 January 2011 - 12:40 AM' timestamp='1296283259' post='364283']
Does anyone have any idea what the dong would RV at? I've tried to research dong but I havent found much accept that it looks like it could RV soon. I actually drove down to SD today (1.5 hr traffic each way) and bought dong at travlerex..it cost about $62 per million. I had a gut feeling to buy it..so we'll see if my gut was right.

Any info would be much appreciated! Thanks and go RV!
[/quote]

They were intimating 21.5 per dollar, so each million dong would be worth about $46,511.63 if that's correct, less spread and fees of course...

Not too shabby if that article is even remotely correct. :) Glad to see I'm not the only person with Dong around here. :P :)
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Thats great!!! It's so hard to understand those articles..and math is definitely not my subject! Hopefully it RV's during Tet... that would be awesome! Do you know of any websites like this one that covers the dong? It's definitely not as popular as dinar..yet..
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Adam has a sister site for VND which can be found at http://www.dongtalk.com
This may help your research?
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[quote name='Munsch' date='29 January 2011 - 12:59 AM' timestamp='1296284358' post='364297']
Adam has a sister site for VND which can be found at http://www.dongtalk.com
This may help your research?
[/quote]

Thank you!!!
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Dong.........What a name for a currency.

Should have just called it Dung.....LOL
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USD/VND 19193.0 19776.0 19499.0 19500.0 19484.5 -0.074% 28/01

The article says:

"On January 27, The VND/USD exchange rate on the free market in Hanoi traded at 20,930 – 21.000 dong/US dollar (bid and ask), according to Lao Dong newspaper."


I see where the confusion comes. Actually it should say 20,930 - 21,000 dong/US dollar ( bid and ask).

They want to adjust it to 20,500 per US dollar.

No RV here.
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[quote name='Thor363' date='29 January 2011 - 12:49 AM' timestamp='1296283763' post='364288']
They were intimating 21.5 per dollar, so each million dong would be worth about $46,511.63 if that's correct, less spread and fees of course...

Not too shabby if that article is even remotely correct. :) Glad to see I'm not the only person with Dong around here. :P :)
[/quote]


Sorry guys, there is a misprint in the article.

The rate has been 19,000 to 21,000 VD = 1 USD.

Check xe.com if you think I'm wrong.
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[quote name='jnpii' date='29 January 2011 - 08:01 AM' timestamp='1296309685' post='364404']
Sorry guys, there is a misprint in the article.

The rate has been 19,000 to 21,000 VD = 1 USD.

Check xe.com if you think I'm wrong.
[/quote]


How does that change things...my math=bad :) I'm trying to figure out how much I can make per million dong..

Thanks!!!
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[quote name='Munsch' date='29 January 2011 - 01:59 AM' timestamp='1296284358' post='364297']
Adam has a sister site for VND which can be found at http://www.dongtalk.com
This may help your research?
[/quote]

Thanks, Munsch. :)
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[quote name='dinargirl101' date='29 January 2011 - 01:40 PM' timestamp='1296283259' post='364283']
Does anyone have any idea what the dong would RV at? I've tried to research dong but I havent found much accept that it looks like it could RV soon. I actually drove down to SD today (1.5 hr traffic each way) and bought dong at travlerex..it cost about $62 per million. I had a gut feeling to buy it..so we'll see if my gut was right.

Any info would be much appreciated! Thanks and go RV!
[/quote]

If it devalues from the current 19,500 to 20,500 as speculated then you should get about $48 back for a million.

The dong has been trading quite higher than the governments 19,500 for some time. Sometimes as high as 22,500/dollar. Companies were warned that if they bought dollars at this level they would have to account for the loss some other way. Only the government rate can be used for foreign exchange accounting.
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[quote name='Munsch' date='29 January 2011 - 01:59 AM' timestamp='1296284358' post='364297']
Adam has a sister site for VND which can be found at http://www.dongtalk.com
This may help your research?
[/quote]

Thanks for that link!
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Here is a good place to read. Also it sounds like they want to adjust the rate to 20.500 not 20,500. In other words 20 dong to 1 usd on or after Tet festival which is on Feb.3, 2011.. It's only about $60 to $100 dollars for a million dong. It may be a good investment.. I invested in some..
http://vietnambusiness.asia/vietnam-may-adjust-vndusd-fx-rate-during-tet/
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Understand this ... some countries use a "." and not a "," to indictae the 3rd number placement. Example:

19,500 is the same as 19.500 in some countries, and vice versa for us. I belive that first number with the comma was a typo and supposed to be a period.
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