The price of US dollar strongly has fell to buying at VND16,900 and selling at VND17,700 at the black market, following the central bank’s decision to ban selling dollars to private traders, the VietnamNet newswire by the Ministry of Information and Communications said on June 9.
The US dollar at the domestic market strongly strengthened recently, hitting VND18,100/USUS$1 on June 5 after foreign analyses said that the Vietnam dong will depreciate 40 per cent-50 per cent for forward contracts.
The central bank’s decision is putting needy businesses and people in difficulties, especially sectors such as wood processors, apparels and textile makers…which rely heavily on imported input materials, analysts said.
They must swift to underground deals to satisfy their demand, they said.
Phuong Mai, a Hanoian, said she found difficult to buy USUS$300 for her children to go on holiday in Thailand.
Most of foreign exchange bureaus in Ho Chi Minh City only bought in greenbacks at VND17,000, but did not sell, the Lao Dong newspaper said.
Prime Minister Nguyen Tan Dung confirmed with JP Morgan Chase that the government has no plan to devalue the Vietnam dong, not to control indirect foreign investment, which is estimated at US$8 billion.
The country’s economy is strong financially…and the January and May trade surplus reached US$1 billion, and the country’s forex reserve is estimated at five months of imports, Mr. Dung said. (VietnamNet, Labor)
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