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Monday,  May 21,2018,06:34 (GMT+7)

Vietnam dong weakens against most foreign currencies

The Saigontimes Daily
Friday,  Feb 2,2018,12:57 (GMT+7)
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Vietnam dong weakens against most foreign currencies

The Saigontimes Daily

HCMC – While Vietnam’s dong currency has got firmer against the U.S. dollar, it has depreciated against most other hard foreign currencies like Euro, British pound, Canadian and Australian dollars, Tuoi Tre newspaper reports.

The euro has made a strong rise of 17.45% over the past month, increasing from VND24,107 early this year to the current VND28,315. The British pound has come second, rising from VND28,297 to VND32,382, or a 14.44% hike.

The Australian, Singapore, and Canadian dollars have grown by 10.9%, 10.35%, and 8.53% respectively against the dong to VND18,349, VND17,395 and VND18,569. The Chinese yuan has also risen by 10.38% to VND3,649 from the previous VND3,306.

Experts say the appreciation of foreign currencies against the dong has major effects on prices of imports, and costs of study and healthcare in countries using them. However, a weaker Vietnam dong will spur Vietnam’s exports.

Holders of the foreign currencies made handsome profits last year, compared with those owing the U.S. dollar. However, local residents seem less keen on these currencies due to high exchange risk.

A majority of local banks merely accept savings in U.S dollar and euro. Notably, Vietnam Export Import Bank (Eximbank) accepts other currencies, namely British pound, Japanese yen, Canadian dollar, and Australian dollar at an interest rate of 0.1% per annum.

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