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Vietnam’s weekly financial - monetary update (Week 2 – 2021)

Thursday 14, 01 2021
Vietnam’s weekly financial - monetary update (Week 2 – 2021)

Vietnam’s macro-economic overview

Vietnam's PMI in December 2020 reached 51.7 points, which is higher than that in the previous month. The number of new orders and jobs both increased amid improving business conditions after the floods in November 2020. With this result, in the fourth quarter of 2020, the average PMI reached 51.1 points - the highest quarterly level in 2020. 
Finance
Meanwhile, that the Covid-19 epidemic has been well-controlled and the positive developments of the economy in 2020 are the main factors that make major financial institutions in the world forecast that Vietnam will achieve economic growth as high as 7% in 2021. According to the latest assessment by HSBC, Vietnam will benefit from the technology-led recovery, sustainable FDI inflows and many free trade agreements. Accordingly, despite lowering the growth forecast, HSBC still believes that Vietnam's economy can achieve a growth rate of 7.6% in 2021. Previously, the World Bank (WB) predicted that Vietnam's economic growth could reach about 6.8% in 2021 and would stabilize around 6.5% in the following years.
 

Weekly financial - monetary situation and forecasts

Exchange rate

In the past week, the USD / VND exchange rate on the official market and unofficial market decreased. At VCB, compared to the previous week, the exchange rate of USD / VND decreased by 10 VND / USD, to 22,970 VND / USD (buying side) and 23,180 VND / USD (selling side). 

On the unofficial market, the USD / VND exchange rate decreased by 50 VND / USD on the buying side and by 30 VND / USD on the selling side, to 23,320 VND / USD and 23,370 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 686 VND / USD lower than the ceiling price. Compared to the beginning of the year, the USD exchange rate on the selling side decreased by 4 VND / USD to 23,761 VND / USD and was 50 VND / USD lower than the ceiling price.

Meanwhile, the central exchanged rate announced by the State Bank applicable to January 7, 2021 was 23,117 VND / USD, down 14 VND / USD compared to the rate announced the previous week. 

Gold price

The world gold price increased due to the unstable geopolitical situation in the US and the complicated Covid-19 pandemic.
At the end of the week, spot gold price was 1,919 USD / oz. Gold futures price in February 2021 on Comex New York was 1,938 USD / oz. On the Kitco trading exchange, spot gold prices were at 1,921.50 - 1,922.70 USD / oz, up 42.8 USD / oz (equivalent to an increase of 2.3%) compared to the previous week.
Gold price
World gold price was about 54.8 million VND / tael, which is 2.5 million VND lower than the domestic gold price.
Domestically, the price of gold has increased sharply. Specifically, in Hanoi, SJC gold bought-in and sold-out priceswere 56.40 and 56.92 million dong / tael, respectively.

Source: Ministry of Industry and Trade
Compiled by VietnamCredit

Categories:
Banking & Finance

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