Some say the dong’s depreciation against the dollar may not give much of a boost to exporters. On the other hand, the lecturer said imported goods will cost more and may be harder to sell and Vietnamese traveling abroad will find their money won’t go as far as it used to. “Vietnam relies heavily on exports, so overall doesn't have too much of an impact on the Vietnamese economy,” he said. However, according to Nguyen Quang A, the recent increase in the exchange rate band between the dollar and the dong by the State Bank of Vietnam from 3% to 5% and the current increase in the value of foreign currencies will have a limited impact. Since the beginning of this month Vietnam’s State Bank has pumped nearly VND120 trillion (U.S.$4.9 billion) into the market, reducing the annual interest rate to 5% in recent days, according to the VietNamNet online news site. In fact, there are already signs of an increase in cash issuance," said National Economics University lecturer Chu Hong Quy, adding that when the dong depreciates, issuing more Vietnamese currency will hurt the entire population. ![]() “The increase in the USD/VND exchange rate will make the public debt in VND larger and to make up for the shortfall, the Vietnamese government will issue more cash. The target of Vietnam’s direct debt repayment obligations compared to State budget revenue is expected to be about 22-23%. The ministry said that by the end of this year, public debt will account for about 45-46% of gross domestic product (GDP), government debt will be about 41-42% of GDP and the country's external debt will be about 40-41% of GDP. The Ministry of Finance sent a report to the Prime Minister in March saying the government will have to repay more than VND1,000 trillion (U.S.$ 40.7 billion) of public debt from 2022 to 2024. “Vietnam's foreign debt payable in USD, in terms of dong, will increase and this will increase the burden on repaying the principal and interest on the national debt. Nguyen Quang A, co-founder and former member of the board of directors of Vietnam Prosperity Bank, said the dollar’s rise against the dong will have a significant impact on the country’s public debt repayment obligations. On the free currency market in Hanoi the dollar’s buy and sell rates were around VND24,662 for buying and VND24,722 for selling. That is an increase of VND90 for buying and VND320 for selling compared with the previous listed levels. dollar (USD) rise sharply against the Vietnamese dong (VND) compared with the previous session, according to the Economic and Urban newspaper.Īt 9:20 a.m., Vietcombank listed the buying price of dollars at VND24,240 and the selling price at VND24,550. The State Bank of Vietnam announced a ceiling rate of VND24,846 for one U.S. dollar’s rise against its Asian counterparts is making it harder for the region to repay dollar denominated debt and Vietnam is no exception. IFSC is an Indian Financial System Code which is an alphanumeric 11-digit code.The U.S. Please note that the beneficiary’s account number and full address are required to initiate any international money transfer.ĪBA routing number also known as Routing Transfer Number (RTN) is a 9-digit code. Your beneficiary can provide the IBAN for your transfer or if paying to your own account, your overseas bank can provide these details. ![]() ![]() ![]() IBAN should be provided for all payments to the EU/EEA, UK and some non-European countries including most states of the Middle East, e.g UAE, as well as North Africa and the Caribbean region. The length ranges from 15 to over 30 alphanumeric characters. IBAN is an international bank account number. You can contact the receiving bank/recipient for the details or use the ‘look up bank’ function in Westpac Online Banking when adding a new payee. SWIFT/BIC code, also known as Bank Identifier Code (BIC) is an 8-11 alphanumeric code used to identify a bank. Typical bank details required to initiate an international money transfer include:
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