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Vietnam’s weekly financial - monetary update (Week 12 – 2021)

Vietnam’s weekly financial - monetary update (Week 12 – 2021)

Thursday 25, 03 2021

Vietnam’s macro-economic overview

Vietnam’s economy is on the road to recovery as production, export and domestic consumption all recorded positive signals while the Covid-19 epidemic continues to be well controlled and vaccination is being stepped up.

The recovery of macroeconomics, the ability to absorb capital well and the uncertain inflationary pressure are believed to be the main factors driving credit growth in 2021.

Along with the recovery trend of the domestic economy, in the past week, many major financial institutions continued to give positive comments on the Vietnamese economy. In particular, credit rating agency - Moody's announced ratings for long-term debt solvency and "pre-paid priority" without collateral issued by the Government of Vietnam at Ba3, changing the outlook from "negative" to "positive" while emphasizing that effective control of the Covid-19 epidemic has helped Vietnam to quickly restore domestic economic activities as well as cross-border trade.

Vietnam Marcoeconomic

Meanwhile, in its latest report, the International Monetary Fund (IMF) stated that, despite the impact of the Covid-19 pandemic, Vietnam's economic growth may still reach 6.5% in 2021 thanks to the strong foundation, and drastic economic and health protection measures of the Government. In addition, it is recommended that macroeconomic policies be maintained in 2021 to ensure a sustainable and comprehensive recovery.

Weekly financial - monetary situation and forecasts

Exchange rate

In the past week, the USD / VND exchange rate increased on both the official and unofficial markets. At VCB, compared to the previous week, the exchange rate of USD / VND increased by 50 VND / USD on the buying sides and by 20 VND / USD on the selling sides, to 22,950 VND / USD (buying side) and 23,160 VND / USD (selling side). Compared to the beginning of 2021, the USD / VND has decreased by 30 VND / USD.  

On the unofficial market, the USD / VND exchange rate increased by 90 VND / USD on the buying and increased by 70 VND / USD on the selling side, to 23,840 VND / USD and 23,900 VND / USD, respectively.

Exchange rate

At the State Bank of Vietnam, the USD / VND exchange rate was stable at 23,125 VND / USD, which is 770 VND / USD lower than the ceiling price. Compared to the previous week, the USD exchange rate on the selling side decreased by 5 VND / USD to 23,845 VND / USD and was 50 VND / USD lower than the ceiling price.

Meanwhile, the central exchanged rate announced by the State Bank applicable to March 18, 2021 was 23,199 VND / USD, down 5 VND / USD compared to the rate announced the previous week.

Gold price

World gold prices have increased. The fact that the FED was optimistic about the US economy, but still decided to keep the basic interest rate at 0 - 0.25% / year, has increased the prices of gold and securities.

At the end of the week, spot gold price was 1, 753 USD / oz. Gold futures price in April 2021 on Comex New York was1,727 USD / oz. On the Kitco trading exchange, spot gold prices were at 1,754.4 – 1,755.5 USD / oz.

Gold price

World gold price was about 48.7 million VND / tael, which is 6.7 million VND lower than the domestic gold price.

The domestic gold prices experienced the opposite trend compared to the world gold prices. In Hanoi, SJC gold price decreased by 80 thousand VND / tael (purchased) and by 100 thousand VND / tael (sold) to 55.25 – 55.67 million VND / tael.

Source: Ministry of Industry and Trade

Compiled by VietnamCredit

Categories
Banking & Finance

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