Current economic developments are likely to bring about favourable impact on the Vietnamese Dong such as stable dollar exchange, active stock market, and ADB financial assistance.
Vietnamese Dong Update: Stable Dollar Exchange
Vietnam Central Bank has been doing its part to stabilize dollar exchange rate. As a matter of fact, it was able to sustain the rate of 20.828 Vietnamese Dong per US Dollar. Although the rate remained unchanged for over four months, it has been the highest exchange rate on the record. Thanks to the central bank’s monetary policies intended to stabilize foreign exchange in the country.
Vietnamese Dong Update: Active Stock Market
April 11th has been a terrific day for the Vietnamese stock market. According to local news, Vietnamese stocks increased due to favourable policies. In particular, there were eight million shares traded in the morning. As one of the most active shares, VNDIRECT Securities Corporation closed at 12,700 Vietnamese Dong with over four million shares traded. Along with the rise of Vietnamese stocks, the central bank reduced interest rates, as well as, deposit rate cap.
Vietnamese Dong Update: ADB Financial Assistance
Asian Development Bank is expected to offer financial assistance costing $40 million to carry out sub-projects in Tay Ninh province. The sub-projects involved may likely to include the building of Moc Bai urban community that can cost as much as $54 million. By 2020, Moc Bai area is expected to house 70,000 people. Hopefully, urban development in the Southeastern province can gradually help out strengthen the value of Vietnamese Dong.
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