Thread: Latest news on the Dong!

Smile, you look good and no one really knows what your thinking!

I know...I knew that too... and what they're ALL thinking while looking at you... U R moving ahead and onto a better pond... blondies DON'T...


Spoiled and redheads DO... Congrats and the rest of the RC VIP Team are glad you did and wish you the best with incomes heading your way sooner than all that puffing, huffing and going DONGY with waiting....

Vietnam money: rates up as banks need more funds
Interest rates on short-term Vietnamese dong loans rose in the past week as banks sought to raise more dong funds to meet loan demand, bankers said on Monday.

Dollar rates are also rising, reflecting competition in the market to secure the currency.
Banks began raising rates on overnight dong loans immediately after the central bank hiked mandatory reserves on June 1 as part of efforts to contain inflation, bankers said.
"Banks are trying to raise more dong to bridge the shortfall caused by the hike in compulsory reserves by the central bank," a banker in Hanoi said.
Four state-run banks raised rates on overnight dong loans to between 6.5 percent and 7 percent, nearly double the rates seen in the second half of May of between 3.5 and 4 percent and up from 4 percent to 4.5 percent last Monday .
Rates on six-month dong loans rose to 8.6 percent from a range of 7.5-8.0 percent last week.
The central bank doubled reserve requirements on dong deposits with terms of up to 12 months to 10 percent as of June 1.
It doubled the reserve requirement on dong deposits of 12 months to 24 months to 4 percent and raised the reserve ratio for foreign currency deposits with terms of less than 12 months to 10 percent from 8 percent.
On Monday, the head of the central bank's foreign exchange department, Phi Dang Minh, was quoted by state media as saying the additional funds would be used to purchase U.S. dollars on the market to weaken the dong.
The central bank has said it no longer has a fixed target for the value of the dong for the end of 2007, but it would ensure the dong's value is on par with other currencies.
On Monday, the central bank set the dollar exchange rate at VND16,110, nine dong weaker than VND16,101 at the end of 2006.
In the dollar market, Bank for Agriculture and Rural Development, Vietnam's top lender, plans to raise $30 million from seven-month and 364-day bills, acting Chief Executive Nguyen The Binh said in a statement.
The Hanoi-based unlisted bank will pay an annualized rate of 4.7 percent on the seven-month bills. It will pay 5.2 percent on the 364-day bills, above 5 percent the bank pays for 12-month dollar deposits.
State-run Bank for Foreign Trade, or Vietcombank, the third-largest bank by assets, said it had raised its 12-month dollar savings rates to 5 percent in Ho Chi Minh City from 4.85 percent earlier.
Source: Reuters

Reuters brings Vietnam’s stocks live, global
Investors can hope to cash in on Vietnam’s fledgling stock exchanges faster thanks to a new Reuters service released Tuesday that provides real-time stock market information globally.

With Reuters 3000 Xtra, Reuters customers can view live price movements from both the Ho Chi Minh City and Hanoi securities markets from abroad and place orders with brokerages in Vietnam via secure, high-speed order-matching systems.
Local securities companies will need to hook up to the 3000 Xtra service to transact orders from investors abroad at the cost of US$1,420 per month.
Also Tuesday, Reuters and the Thai firm Bisnews AFE also launched the information service Bisnews Equities Terminal with a particular focus on Vietnam’s stock market.
The service will allow local brokerages to showcase information and analyses to service their retail investors and provide updates about Vietnam’s share indexes, local stock exchanges, forward markets and foreign exchange rate.
The information terminal will not allow viewers to place orders online.
Eddie Haddad, managing director of Reuters ASEAN said 3000 Xtra aims to engage professional investors, commercial banks, fund managers and brokerage houses, while the Bisnews Equities eyes retail investors.
Reuters is the first international information supplier to provide online stock trading services on Vietnamese securities markets.
Exchanging information between internationally has also been made easier in Vietnam by Reuters Messaging Service, an interactive messaging service that enables financiers to contact one another directly and build effective online contact lists.
Vietnam’s fledgling stock market has begun to evoke interest among regional and international investors with a surge in demand for information on the securities market – known as one of Asian best performers.
The combined market capitalization of the HCMC and Hanoi markets is about US$20 billion, accounting for over 20 percent of the national GDP. Earlier the market regulator had aimed to bring the rate to just 10-15 percent by 2010.
HCMC’s VN-Index, the nation’s main share index, grew a massive 144.5 percent last year and has gained 50 percent so far this year.
There are 193 listed firms on the two exchanges as against 41 at the end of 2005.
The country has now more than 60 brokerage houses and the figure is expected to increase to 200 in the next one or two years.
Reported by Manh Quan – Compiled by Dong Ha

Malaysia’s Public Bank unit wins Vietnam PM’s Award
Deputy Governor of State Bank of Vietnam Dang Thanh Binh (right) presenting the award to Public Bank chairman Tan Sri Teh Hong Piow during the 15th anniversary celebration of VID Public Bank in HanoiMalaysia-based Public Bank Bhd’s subsidiary in Vietnam, VID Public Bank, has received the Vietnam Prime Minister’s Award, the banking group announced Tuesday.

The award was given to Public Bank in recognition of its outstanding performance and contribution to the development of Vietnam, it said in a statement Tuesday.
VID Public Bank, which was established in 1992, is a joint venture between Public Bank and state-owned Bank for Investment and Development of Vietnam. The bank currently has six branches in Vietnam.
Public Bank group currently has overseas operations in Hong Kong, China, Cambodia, Vietnam, Sri Lanka and Laos. Its international operations contributed 14 percent to the group’s pre-tax profits last year.
Source: thestar online

[QUOTE=notazbad2000;216002]Reuters brings Vietnam’s stocks live, global [B]Investors can hope to cash in on Vietnam’s fledgling stock exchanges faster thanks to a new Reuters service released Tuesday that provides real-time stock market information globally

So what does that mean to us, Dong holders? Anyone?

[quote=Countrygirl70;216054]

Originally Posted by notazbad2000

Reuters brings Vietnam’s stocks live, global [b]Investors can hope to cash in on Vietnam’s fledgling stock exchanges faster thanks to a new Reuters service released Tuesday that provides real-time stock market information globally

So what does that mean to us, Dong holders? Anyone?

Could it me good news? Could we start to see some progress on a Reval here too? Notazbad give us your opinion? thanks

[quote=Countrygirl70;216054]

Originally Posted by notazbad2000

Reuters brings Vietnam’s stocks live, global [b]Investors can hope to cash in on Vietnam’s fledgling stock exchanges faster thanks to a new Reuters service released Tuesday that provides real-time stock market information globally

So what does that mean to us, Dong holders? Anyone?

It means (IMO) more money being pumped faster into Vietnams economy by foreign investores. The Vietnmese are going to keep the Dong depreciated as long as possible to get as much foreign investment money as possible before the R/V occurs.

There are going to be a lot of rich people/companies in the world when this thing blows.

Us Dong holders are going to have to wait it out till it happens.

[QUOTE=Din Diesel;216083]

Originally Posted by Countrygirl70

It means (IMO) more money being pumped faster into Vietnams economy by foreign investores. The Vietnmese are going to keep the Dong depreciated as long as possible to get as much foreign investment money as possible before the R/V occurs.

There are going to be a lot of rich people/companies in the world when this thing blows.

Us Dong holders are going to have to wait it out till it happens.

If this is true why wouldn't Iraq follow suit, so to speak?

Originally Posted by Din Diesel

There are going to be a lot of rich people/companies in the world when this thing blows.

Us Dong holders are going to have to wait it out till it happens.

So, does this mean a long wait like Iraq or within a year in your opinion only?

BTW, thanks for responding. Kind of feel the Dinars will come before the Dong, however if reversed and soon I will be pleased.

Originally Posted by Countrygirl70

[/u]

So, does this mean a long wait like Iraq or within a year in your opinion only?

BTW, thanks for responding. Kind of feel the Dinars will come before the Dong, however if reversed and soon I will be pleased.

It is the opinion of many, including myself, that believes the Dinar and Dong will RV on/or about the same time. Either way, I believe it will happen this year.