Fruit, vegetables become big foreign currency earner

Almost no way to stop foreign currency lending HCMC – The fact that interest rates for Vietnam dong loans are far higher than those for U.S. dollar loans is one of the key reasons for the State Bank of Vietnam’s (SBV) failure to stop foreign currency lending as planned, Nguoi Lao Dong quoted analysts as saying. According to a draft circular that revises Circular 24/2015 on foreign currency lending, the SBV, the nation’s central bank, plans to allow for short-term lending in U.S. dollar until the end of next year. However, at the time of disbursement, borrowers are required to…... [read more]

Exchange rate stabilityLe Minh Hung, governor of the State Bank of Vietnam (SBV), said since the beginning of the year, the SBV has managed monetary policy in a flexible manner in order to help the country control inflation, maintain macroeconomic stability, stabilize the foreign exchange market, support economic growth and ensure the security of credit institutions. Credit recorded a high growth in the first nine months of the year, while foreign exchange reserves hit a record high of US$45 billion, roughly US$6 billion more than at the end of last year.Earlier this year, experts warned that the exchange rates would…... [read more]

Foreign currency loans rocket sixfoldThe Saigon Times Daily HCMC - Foreign currency loans in the year to end-November had surged 12%, six times higher than in the same period last year, local news site Infonet.vn cited a report of the National Financial Supervisory Commission as saying. According to the report, total loans in the period expanded 2.8% against October and 15.3% versus early this year. The rise resulted from import growth of a hefty 21% in the period, which fueled demand for foreign currency credit. The interest rate on U.S. dollar loans was 2.8-4.7%, way below 6.5-9% for loans in…... [read more]

The reason is due to the stable exchange rates and low interest rates (lower than 3 percent of loans in VND a year), so businesses took advantage of the foreign currency loans to reduce costs.Similarly, the country’s foreign currency loans also were up 11.5 percent in the first ten months of 2017 compared to the end of 2016. According to the National Financial Supervisory Commission, the main reason is also due to the import demand being higher than to last year.According to circular of the State Bank, the foreign currency loans will be invalid by the end of 2017. So, the…... [read more]

Growth in most markets According to the Vietnam Fruit & Vegetables Association (Vinafruit), Vietnam’s fruit and vegetable export revenue reached around US$120 million monthly. In the first 10 months of 2014, China imported Vietnamese fruits and vegetables worth US$337.64 million, accounting for 26.79 percent of Vietnam’s total fruit and vegetable export value, and was the biggest importer of Vietnamese fruits and vegetables. It was followed by Japan with US$62.61 million (accounting for 4.97 percent of the total), the Republic of Korea (RoK) with US$49.09 million (3.89 percent) and the US with US$48.44 million (3.84 percent). According to Vinafruit, increases in…... [read more]

Vietnam’s foreign currency reserves may reach USD50bn this year because of state divestment in large corporations and remittances from overseas. illustrative photo The Governor of the State Bank of Vietnam, Le Minh Hung announced that the current foreign currency reserves stood at USD48bn. According to Party General Secretary Nguyen Phu Trong, the total reserves increased by USD6bn compared to the same period last year and were the highest yet recorded.The reserves rapidly increased in the past two years. This year it will continue to rise and may reach USD50bn.Some of the notable activities this year were the state divestment drive…... [read more]

Vietnam’s foreign currency reserves may reach USD50bn this year because of state divestment in large corporations and remittances from overseas.The Governor of the State Bank of Vietnam, Le Minh Hung announced that the current foreign currency reserves stood at USD48bn. According to Party General Secretary Nguyen Phu Trong, the total reserves increased by USD6bn compared to the same period last year and were the highest yet recorded.The reserves rapidly increased in the past two years. This year it will continue to rise and may reach USD50bn.Some of the notable activities this year were the state divestment drive from key corporations and…... [read more]

Vietnam is estimated to make export revenues of US$32.23 billion in 2005, up 21.6 per cent against 2004, according to the country’s General Statistics Office. Nearly 69.2 per cent of the revenues came from seven biggest currency earners, namely crude oil, garment and textile, footwear, seafood, woodwork, electronics appliances, and rice. Crude oil Vietnam exported 18.08 million tonnes of crude oil worth nearly US$7.39 billion in 2005, mainly to China, Singapore, Japan, Britain and the United States, down 7.3 per cent in volume but up 30.3 per cent in value against 2004. Vietnam’s crude oil production decreased 7.7 percent to roughly…... [read more]

Vietnam plans to set up three centers to facilitate the transaction and export of fruit, vegetables, and flowers in northern mountainous Lao Cai province, central highlands Dalat city, and HCM City, according to the Ministry of Trade on March 22. The plan is part of the national program promoting production and export of fresh vegetables, flowers, and fruits, currently being developed by the ministry.  These centers are scheduled to start operation next year, said the ministry.  Vietnam’s fruit and vegetable export revenues are forecast to reach US$300 million this year, a year-on-year rise of 15%.  The country also hopes to raise…... [read more]

The escalating price of gold Together with the local real estate market, gold prices also reached the peak in 2009. The average gold price in 2009 was 24 percent higher than the previous year’s figure.The domestic gold price mostly depended on that of the global market. Notably, at certain times, the price in Vietnam was higher than on the international market. For example, gold sold locally at nearly VND20 million/tael on March 20 increased to more than VND21 million/tael by mid-June and reached VND23 million/tael a few months later. In the third and fourth quarters of 2009, the gold price…... [read more]




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