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Monday, June 17, 2024

Forex rate under pressure

By Tue Nhien

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If the forex rate faces higher pressure to an extent that it can cause macroeconomic instability, what other steps can the monetary regulator take to intervene in the forex market besides draining Vietnam dong from the economy? Forex rate on steady increase Data from the General Statistics Office (GSO) showed Vietnam gained a trade surplus of US$21.68 billion in January-September, a three-fold increase over the year earlier. If a deficit of US$6.7 billion in the service sector is factored into the trade balance, Vietnam still enjoyed a trade surplus of US$14.98 billion in the period, which is a record high. The amount of foreign investment in Vietnam as of September 20, 2023 (comprising fresh FDI, additional funds into active FDI projects, and portfolio investment) totaled US$20.2 billion, rising 7.7% year-on-year, according to GSO. It is noted that portfolio investment alone in the period rose by a staggering 47% year-on-year to US$4.83 billion. The amount of FDI disbursement in the year to end-September also inched up by 2.2% to US$15.9 billion. As such, the forex inflow from trade surplus, foreign portfolio investment and FDI disbursement totaled US$35.72 billion in the nine months. Such a figure excludes inbound remittance that has always […]
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