APRIL 15, 2012
VietFinanceNews.com – The country’s leading experts have voiced concern that Vietnam is entering into a fresh battle to stave off yet another economic downturn, citing the central bank’s latest ceiling deposit rate reduction.
Worse still, macro-economic indicators in the first quarter point to a high possibility that the economy is spiraling into stagnation. (more…)
VietFinanceNews.com – The former State Bank of Viet Nam Governor Le Duc Thuy discusses the causes of high interest rates and the weakening dong with Vietnamese reporters on the sidelines of an economic conference on Tuesday.
What is your reaction to the fluctuations in the foreign exchange rate in recent weeks?
VietFinanceNews.com – Viet Nam’s bond market has experienced a significant year-on-year rise in growth during early 2011 compared with 2009 and 2010.
This compares to several regional countries that have shown a significant decline. Experts say this shows Viet Nam’s strong resilience in a volatile global financial environment.
The Asian Development Bank’s Asia Capital Markets Monitor for August stated that with only US$16 billion worth of total bonds outstanding, Viet Nam’s local currency bond market grew 42.8 per cent year-on-year in Quarter One this year after expanding 34.2 per cent in 2010, making it the fastest-growing bond market in Asia since 2009.
VietFinanceNews.com – Vietnam, which is battling high inflation and other economic problems, has added nearly $4 billion this year to its foreign reserves, a government report on Thursday said.
The State Bank of Vietnam will further increase reserves by the end of 2011, the report to the National Assembly by Deputy Prime Minister Nguyen Sinh Hung said, without giving the current level of reserves.
According to the Asian Development Bank, Vietnam’s foreign reserves were $12.4 billion at the end of 2010.
In recent years, Vietnam’s reserves have declined.
MAY 16, 2011
VietFinanceNews.com – Vietnam, which has kept the precise level of its foreign reserves undisclosed, may publicize the data regularly next year via its national statistics office.
The General Statistics Office in Hanoi has announced a new national statistical indicator system which has 76 additional indicators, including statistics on money supply, credit, interest rate, budget deficit, government debts and foreign reserves.
May 4 2011
VietFinanceNews.com – Nguyen Van Giau, the governor of the State Bank of Vietnam, said he will discuss with government officials about making Vietnam’s national forex reserve public.
Giau said he will discuss with ministers, look through the matter and propose to the Minister for official disclosure as the national forex reserve has been rarely publicized so far.
The level of the central bank’s independence and openness, including the publicizing national forex reserve, are of great interest by ADB representatives at its annual meeting being held in Vietnam and chaired by Nguyen Van Giau.
A NOI, VIET NAM –( ADB )– Finance ministers from France and Japan will join top officials from the Asian Development Bank (ADB) and International Monetary Fund (IMF) and other key Asian policymakers at a high-level seminar here later this week to discuss reforming the international monetary system to promote greater global monetary and financial stability.
The seminar, organized by ADB, France, as the chair of the G20 group of leading emerging and advanced economies, the IMF, and the Japanese Ministry of Finance, takes place against the backdrop of slow growth and high government debt in most advanced economies, and an economically strong, export-dependent Asia that is experiencing an inundation of inward investment.
With countries such as the People’s Republic of China, Brazil, and India now among the world’s leading economies, experts have warned that an international monetary system dominated by the US dollar – and supported by a few other currencies like the euro, the UK pound, and the Japanese yen – does not reflect current economic realities.
The seminar, “Joint ADB-IMF-Japanese ASEAN+3 Co-chair-French G20 Presidency High-Level Panel on Reforming the International Monetary System,” will be held on 4 May at ADB’s 44th Annual Meeting in Ha Noi, Viet Nam.
On the panel will be Christine Lagarde, Finance Minister of France, and her Japanese counterpart, Yoshihiko Noda. A prime objective of the current French G20 Presidency is to establish a global response to continued deficiencies in the international monetary system. Joining them will be Pranab Mukherjee, the Finance Minister of India, and Agus D.W. Martowardojo, the Finance Minister of Indonesia, ADB President Haruhiko Kuroda and the IMF’s Deputy Managing Director Naoyuki Shinohara.
On the eve of the talks, Mr. Kuroda said that the monetary and financial reforms to be discussed at the meeting are critical to helping Asia achieve strong and sustainable growth for all.
“We have yet to fix the current international monetary system – which fails to address issues such as large and volatile capital flows, undue exchange rate pressures, and disruptions in providing sufficient global liquidity in times of market distress,” Mr. Kuroda said.
