The processing and manufacturing sector continued to attract the bulk of FDI at $24.6 billion, which accounted for 64.6 per cent of investment capital last year.After being relatively stable last year, the foreign exchange rate of the Vietnamese dong against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds.National Bank of Cambodia director-general Chea Serey on Wednesday warned the Kingdom’s youths of wasted opportunities and job losses in the future if they fail to constantly upgrade their skills.Serey was speaking via an online video discussion under the theme, Addressing Skills GapDespite being under more pressure, experts also forecast the Vietnamese central bank would try to limit the depreciation of the dong as the country is still stuck on the US’s currency manipulator watchlist.“However, its current account surplus narrowed to 1.7 per cent of GDP, and while Vietnam frequently intervenes in the foreign exchange market to maintain a close link to the US dollar, intervention was done both ways.
Vietnam is one of four countries, along with China, Cuba and Laos, that remains a one party socialist state, officially espousing communism. Against that backdrop, it only makes sense to spread your investment wings, and move into alternative investments. TNT: Tishwash: JOINT STATEMENT: AN AGREEMENT TO REDUCE THE US MILITARY PRESENCE IN IRAQ. Vietnam received US$38 billion in total registered investment capital last year, up 7 per cent from $35.5 billion in 2018. But it has a major advantage of its own – low wages.And as a currency is a reflection of the country that issues it, as Vietnam’s wealth grows, so will the value of its currency.
I think you fail to understand the relationship between the Vietnamese dong and the US dollar.
This is likely to see Vietnam ramp up imports of meat to deal with the shortfall, causing higher inflation in the coming months.However, it is forecast that infrastructure and human capital bottlenecks will see FDI to the manufacturing and processing sector ease this year.As for external headwinds, according to Hieu, though the US and China this month signed a first phase trade agreement, there are still a lot of disagreements between the two sides.“That said, we believe that the State Bank of Vietnam (SBV) will seek to limit the pace of dong weakening as Vietnam remains on the US Treasury’s currency manipulator watchlist at its January 2020 report,” Fitch analysts told Viet Nam News, adding though they viewed the US taking punitive measures against Vietnam as a quite unlikely scenario.The dong remained relatively stable against the dollar last year, with the SBV’s reference exchange rate up some 1.45 per cent against the end of the previous year.The Ministry of Health on Thursday said a Cambodian migrant worker who died while being isolated at a quarantine centre in Tbong Khmum province’s Kroch Chhmar district may have died from syncope or overdose of tablets.In a statement, the ministry said the 21-year-oldThree people including a child were killed and another injured after an explosion at a shop selling gas in Sangkat Boeng Reang, Khan Daun Penh, Phnom Penh, on Saturday.Ministry of Interior Fire Prevention Department chief Neth Vantha said: "The fire is still being extinguishedAs for long-term outlook, the dong would gradually depreciate against the US dollar due to its overvaluation and Vietnam’s higher inflation vis-a-vis the US to average 23,650 dong per dollar next year, they predicted.According to analysts from Fitch Solutions, a strong foreign reserves position should allow the central bank to safeguard the currency against excessive downside volatility to avoid potential punitive measures from the US due to currency manipulation.“Due to a decline in global demand, Vietnam’s exports in 2020 may not be positive as last year and the Government even forecasts a trade deficit of about 3 per cent of export turnover this year,” Hieu said, adding that Vietnam’s imports are also likely to rise over the coming months, outpacing exports and putting pressure on the dong.Fitch analysts forecast the dong to average just slightly weaker by about 1 per cent and to average 23,475 dong per US dollar this year.Finance expert Nguyen Tri Hieu told Viet Nam News that pressure on the exchange rate would be bigger this year as a greenback supply decline in the domestic market is forecast, driven by weaker foreign direct investment (FDI) inflows and exports.The US Treasury adds a country to its currency manipulator watchlist if it meets two of three criteria: trade surplus with the US of at least $20 billion, current account surplus of at least 2 per cent of GDP and persistent, one-sided intervention in the currency equivalent to 2 per cent of GDP in six months of a year.Moreover, as US President Donald Trump wants to use the trade war to gain an advantage over his opponent in his re-election campaign, the war cannot end in 2020, Hieu said, adding this would continue to have a strong impact on US dollar and Chinese yuan in 2020, putting pressure on the dong.The analysts explained Vietnam was included on the list as its goods trade surplus with the US continued to rise significantly, with the surplus reaching $47 billion over the four quarters through June 2019.Cambodian students are returning from abroad in increasing numbers to government testing and quarantines that are awaiting them upon arrival.On Sunday, 143 Cambodians, including 43 students from Egypt, and 98 military trainees, a student and a citizen from Russia, made it back to Cambodia via Malaysia.Some“Besides, it is projected that FDI and remittance inflow to Vietnam would also weaken in 2020 due to the global economic slowdown, providing less support to the dong,” Hieu added.“The impacts will cause the dong to depreciate by between 2 and 3 per cent in 2020,” Hieu forecast.Higher inflation would also put more pressure on the exchange rate, Hieu said.Ministry of Health spokesperson Or Vandine said on Monday that the ministry is monitoring all inbound flights, after it was announced that only those from Malaysia and Indonesia will be temporarily cancelled from August 1.Vandine said on Monday that the two countries were identified asThe Ministries of Agriculture, Forestry and Fisheries, and Commerce on Thursday rejected a request from a local business to import one million pigs a year from Thailand.Officials said the proposal was rejected because it would affect local farmers’ livelihoods as Cambodia pushes to produceThe Ministry of Education, Youth and Sport will allow 20 high-safety-standards schools to reopen next month despite new cases of Covid-19 in the country.Ministry spokesperson Ros Soveacha wrote in a Telegram message on Wednesday that the schools are in Phnom Penh, Siem Reap and Battambang.A Ministry of Health official has warned of the possibility of Covid-19 spreading through community transmission after the total infected cases in the Kingdom rose to 225.Ministry spokeswoman Or Vandine told reporters on Saturday that the possibility of community transmission cannot be overlooked and that
It’s just a question of time before economic growth in Vietnam translates into a suddenly stronger currency.The currency of the issuing countries doesn’t have to take off for this play out either. With a population of nearly 100 million, Vietnam could become the next Japan or South Korea. All Rights Reserved© 2020 Dinar Times.
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