HANOI, Sept. 7 (Xinhua) -- The foreign exchange rate in Vietnam has significantly fluctuated recently, but experts forecast the rate in the remaini
HANOI, Sept. 7 (Xinhua) — The foreign exchange rate in Vietnam has significantly fluctuated recently, but experts forecast the rate in the remaining months of 2023 will not be under great pressure as in 2022, local newspaper Vietnam News reported on Thursday.
This year, the dollar has also skyrocketed against the Vietnamese dong to exceed the threshold of 24,000 dong per dollar.
According to Tran Ngoc Bau, CEO of financial data provider WiGroup, the recent exchange rate shock is due to the rising dollar need of firms to pay some contracts, not because of a capital withdrawal out of Vietnam.
Meanwhile at the end of 2022, the dollar was withdrawn from Vietnam for fear of a chain breakdown. Currently, the Vietnamese banking system is much more stable and there is no withdrawal of capital, he said, adding that the current account balance is relatively strong with a forecast of a slight surplus in overall balance this year.
The State Bank of Vietnam would not increase the interest rate in the near future, but the interest rate level from now until the end of the year will be flat or slightly decrease, not falling sharply as in recent times, Bau said. ■
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