Recent developments on Vietnamese banks, exports, and foreign relations are expected to favour Vietnamese Dong revaluation.
Vietnamese Dong Update: Dynamic Local Banking Sector
Vietnam Technological and Commercial Joint Stock Bank, popularly known as Techcombank is testament to the dynamic local banking sector in the country. The bank, as a matter of fact, has been declared as the best emerging market bank in Asia in 2012 courtesy of the Global Finance Magazine. That is made possible by strategic bank management particularly securing comprehensive financial solutions to production and export enterprises. Agribank, Vietcom Bank, Vietinbank, and other Vietnamese banks also extended financial assistance to enterprises by issuing loans at low lending rates for a reasonable amount of Vietnamese Dong.
Vietnamese Dong Update: Optimistic Export Forecasts
Vietnam’s export sector is apparently doing well in the market given optimistic forecasts from the General Statistics Office based in Hanoi. Robusta Coffee, for instance, has an export forecast of 200,000 tons in March. Besides, Vietnam is the biggest producer of Robusta coffee all over the world. As the second biggest rice producer in the globe, the country is expected to export 400,000 tons of rice this month, too. Rubber export is anticipated at 65,000 tons. Profitable export sector, in turn, is likely to yield favourable effects on Vietnamese Dong revaluation.
Vietnamese Dong Update: Vietnam-Korea Foreign Affairs
Vietnam has been reaching out to the international community particularly in Asia. Recently, the Vietnamese government and the Korean government agreed to enhance financial cooperation. Minister Hue, in his meeting with the Korean Minister of Strategy and Finance, expressed the government’s intention to work on bilateral economic and trade relations for mutual national interests. Hopefully, this can also contribute toward strengthening Vietnamese Dong exchange rate.
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