Clothing online HC February 11, dong against the dollar, a rate of 9.3%. This is the State Bank of Vietnam promulgated on 11 new requirement for foreign exchange transactions on the exchange rate to make a major adjustment.
Bank of Vietnam 11 on its Web site explained that the Government issued in January 9th 2011 on the implementation of the economic and social development planning guidance, which calls for the central bank according to market demand, active , flexible, appropriate exchange rate adjustment. The adjustment of the exchange rate the central bank will promote market liquidity and improve the ability of international settlement in Vietnam, help encourage exports and reduce trade deficit and increasing foreign exchange reserves.
as Vietnam has been facing since last year, the pressure of inflation and export deficit, which in the past 14 months, the depreciation of the Vietnamese central bank has taken three measures, the depreciation and not contrary to economists had expected. However, the depreciation rate of higher than expected, to a certain extent, the concerns raised by neighboring countries.
volatility in financial markets is not
on the exchange rate adjustment, the Vietnamese domestic financial market and foreign exchange markets are private volatility does not appear. Yu Zheng financial journalists in Vietnam, said Vietnamese commercial banks had announced VND 19,500 against the U.S. dollar is generally converted $ 1 shield, and in the private foreign exchange market, in order to be more about 1500 VND to $ 1 exchange, so this bank Vietnamese Dong against the U.S. dollar lower, closer to the actual transaction exchange rates, businesses and individuals help to alleviate the status of holding dollars.
exchange rate adjustment will have a major impact on the import and export in Vietnam. Nguyen engaged in automobile imports up to the reporter admitted into the central bank adjust the exchange rate far beyond the company forecast a 3% overnight, the import cost per vehicle will increase from 15 million to 100 million VND, which Vietnam automobile import and assembly of a bring new business problems.
According to statistics, Vietnam 2010 6.78% economic growth, export 71.6 billion U.S. dollars, an increase of 25.5% over the previous year; imports 84 billion U.S. dollars, compared with the previous an increase of 20.1%. Trade deficit of 12.4 billion U.S. dollars in foreign exchange reserves are not sufficient to feel the pressure of the Vietnamese.
orders for the transfer of Chinese textiles
Some analysts pointed out that the sharp correction of exchange rate pass out of the Vietnamese government will take practical measures to solve macroeconomic problems, macroeconomic stability signal. However, this neighboring and international markets will have an impact. As of 2010 the largest merchandise exporter in Vietnam, Vietnam, the U.S. market, the price will be more competitive. As Vietnam's largest importer of goods, sales of Chinese goods prices in Vietnam increased.
Vietnam is a major agricultural exporting countries in Southeast Asia, the rice-based agricultural exports to total exports accounted for 24%, in second place is textiles, accounting for 19% of total exports. First, the depreciation will be conducive to these two types of exports.
It is estimated that the FOB price per ton of rice in Vietnam will be further decreased by 10 dollars, but not going on the other rice exporting countries of ASEAN have a greater impact.
However, the VND devaluation on exports of textiles and rice is clearly different. According to the world's leading media company Global Sources (GlobalSources) announced last month, about 385 international buyers of a research showed that most of the interviewed buyers said they need to pay higher prices to purchase Chinese products. 31% of the interviewed buyers said they would increase purchases from Vietnam. The survey also shows that China's textile exporters have already felt the order in the transfer, one of the reasons the price is cheaper in Vietnam 30%.
analysis, the Vietnamese textiles, aquatic products export prices further reduced, more frequent in some countries export goods to Vietnam picked up the big stick of anti-dumping sanctions, which Vietnamese Government will create new problems.
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