Watch out. watch now. The Vietnamese Dong is the currency of Viet Nam. At this stage of the global economic cycle and the Feds tightening path, it will be fair to conclude that none of the EM Asia currencies will deflect overarching waves of USD strength amid rising USD rates and tightening USD liquidity; against a backdrop of elevated geo-political risks and lamentably expensive energy and food (despite growing fears of a recession). Realizing that these currencies are illiquid, thinly traded and much easier to buy than sell is just the first step in debunking them as viable investment options. It was introduced in 1946, by the North Vietnam Government, and replaced the French Indochinese piastre. by nisiprius Wed Jul 22, 2015 8:24 pm, Post You might try the FBI, but this sounds a lot like the old Nigerian scam of laundering money for the prince. Why is Vietnam dong so low? This rise in interest was encouraged by the countrys recovering economy, and more tourists exploring this beautiful, budget-friendly country. In November this year, the US dollar climbed to a 16-month high when the US announced its highest inflation rate in the last thirty years. For 2016, the panel projects the dong to trade at 22,108 per USD. If you rely on the information on this page then you do so entirely on your own risk. The bank foreign currency revaluation feature can be used to revalue one or more bank accounts. In my opinion, they dont fit anywhere! Is the Iraqi dinar ever going to revalue? However, he found the exchange rate much higher at Vietnams Agribank. As you can imagine, that would make those holding either currency instant millionaires overnight. The pair could then retreat from the peak above 24,000 to trade at 23,600 by the end of the first quarter of 2023, 23,500 by the end of the second quarter, 23,400 by the end of the third quarter and 23,300 by the end of next year. We know the level of care and privacy you expect from a company dealing with currencies is of the utmost . Vietnam has pledged not to deliberately weaken its dong currency to gain an export advantage, reaching an agreement with the U.S. Treasury to refrain from "competitive devaluation" and make its . Capital Com is an execution-only service provider. Analysis by Malaysia-based Maybank expects Vietnams GDP to grow by 8% in 2022, up from a previous forecast of 6.9%, supported by retail sales on an improved labour market and the return of tourism following Covid-19 lockdowns. At the same time, the Vietnam dong may face pressure against a stronger greenback in the international currency market. Learn also about the latest attempts on Putin and by whom. All quotes are in local exchange time. | Such estimates of a future trend are difficult to predict, as we cant tell the future and the best we can do is make educated guesses. All contributions, guest posts, and sponsored posts will be deemed owned by the publication and its owner/s. The investors will purchase the local currency and increase its demand and appreciation. Unless I had law enforcement watching my back. By 2020, something unexpected happened when the Vietnam dong increased slightly by 0.2% against the US dollar. The Brits are certainly smiling in Vietnam if you factor in the rise of the Pound against the Dollar as well. Countless warnings and blood soaked war stories are prevalent online, but to my surprise investors continue to fall for it, throwing good money at a very bad idea. He said, I caution people to remember that just because a money broker is regulated, has a good rating by the Better Business Bureau and is not breaking any FTC laws doesn't mean they are trustworthy. I got just under 36000 VND to 1 the other day. Create a list of the investments you want to track. Shocking Revelations about The Coming Dinar, Dong and Dollar re-Evaluations. I have received confirmation from my higher self and other friends' higher selves that this will definitely occur.https://creatorsourceenergy.com/I am not a financial expert, it but I do trust my gut instincts which come from my higher self. Ask Larry: Do I Need To File And Suspend My Social Security at 66? The video here explains that there is a possible revaluation of the Vietnamese Currency, the Dong, abbreviated VND. The HSBC research team predicts that in 2022, the USD/VND exchange rate will reverse to VND 23,000 per USD. by millionaretrucker Fri Jul 24, 2015 4:38 pm, Post Also, you can convert in the reverse direction (from VND to USD). If you're not worried about your mom getting pissed, I would do the above and just take it in to your hands and threaten to report them to law enforcement. This idea has given birth to many "investment" scams, promising 1,000-fold returns to investors who buy dinars at a steep markup. Vietnamese Dong/Chinese Yuan 0.000288 0.000001 0.46% Vietnamese Dong/Chinese Yuan Offshore 0.000289 0.000001 0.43% by Nicolas Fri Jul 24, 2015 11:21 pm, Post Mizuho's Vietnamese dong forecast for 2022 indicates that the USD/VND pair could trade in a 23,300-24,200 range during the fourth quarter and end the year at 23,700. Yes, very nice for foreigners. As it turns out, the scams success is based on a powerful combination of greed, apparent inside information, and the ability to see, feel, and touch the currency. by mhalley Thu Jul 23, 2015 3:41 am, Post This year, Vietnam received a substantial flow of remittances. Between the steep cost to obtain them, difficulty to recoup your US dollars, and extreme unlikelihood they will ever revalue at a level manipulated media suggest, I think its safe to say the dinar and dong dont belong in your portfolio since they wont help you retire early or provide your family with great wealth. by corn18 Sat Jul 25, 2015 6:58 am, Post Contact us! The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. Posts: 3961. The USD/VND exchange rate on the inter-bank market has fallen sharply twice, to VND22,750 per US dollar in August and to VND22,650 per US dollar in early November. Global Currency Reset - Financial News. The Vietnamese Dong was first introduced in 1946, replacing the piastre of French Indochina. All of these factors have reassured Vietnam officials to target a GDP growth of 6 percent. Subscriber Agreement & Terms of Use | What does this even mean? Copyright 2023 MarketWatch, Inc. All rights reserved. It is issued by the State Bank of Vietnam.The dong was also the currency of the predecessor states of North Vietnam and South Vietnam, having replaced the previously used French Indochinese piastre. There are now over 35 trillion dinars in circulation (about three times as many dinars as there are US dollars). by obgyn65 Thu Jul 23, 2015 3:43 am, Post The VND forecast against the euro from Trading Economics indicated that the EUR/VND pair could move down to 22,011 in one year, from 22,714.40 at the end of the third quarter. Again, laws of supply and demand say that dramatically increasing the supply of something will drive down its inherent value. You should do your own research to develop a view of the currency as an investment. Scores of people have purchased Iraqi dinars from fast-talking promoters and online currency dealers promising windfall profitssome predicting as much as 1,000 times their original investmentwhen the currency is revalued. Following the SBVs net withdrawal, the overnight interbank interest rate rose by 40 basis points (bps) to 4.9% last week. Nicolas. -John Maxwell. . As a matter of fact, the Dong was . Personally, I think were only in the first or second stage of this losing strategy. His lopsided reporting continued under directives to omit more and more important facts and figures. by pierremonfrere Wed Jul 22, 2015 10:51 pm, Post Have Watchlists? I want to help emerging economies anyway I can. Increases in interest rates lead to currency appreciation. The Vietnamese economy has benefited from a shift in manufacturing out of China in response to the US-China trade war in recent years, increasing its exports of electronics, clothing and furniture. Copyrights 2023 All Rights Reserved by Assets assistant Inc. Producers and traders now benefit from a low interest rate on their loans and an increasing deposit rate. 1. The move came after the Fed raised interest rates by another 75 basis points, prompting a number of central banks to also raise rates last week. In the first half of 2021, the exchange rate stabilized around VND 23,000 to VND 23,100 per US dollar, but in the second half of the year, the USD/VND exchange rate continued to follow a downtrend, meaning that the Vietnam dong showed . Inflation in recent years has also been well controlled, reinforcing confidence in the Vietnamese dong. Vietnam struggled with a declining economy for a long time. Past profits do not guarantee future profits. Although he says he voiced concerns about its true impact, he was instructed to present only a rosy side of the story. For example, when Iraqi oil production was at its all-time high, he was instructed to write an article arguing that this was great news for dinar. The ng has been strongly supported by the higher trade surplus and foreign reserves, VNDirect said.. Vit Nam's exports increased by 4.7 per cent year on year in January-October despite the tightening of global trade amid the . |. Buy VND with Confidence. A country can regulate the exchange rate of its currency to a baseline of its choice, be it the price of gold, wage rates, or a foreign currency. In addition to these four factors, large-scale events that impact the overall economy, its competitiveness and profitability, can also alter the value of a currency. At the beginning of 2021, this index was only at 90.535 points. Thanks for posting. On the bright side of all this, if you already own these currencies, there may be one benefit. The dong (Vietnamese: ng, Ch Nm: ) (/ d /; Vietnamese: [wm]; sign: or informally in Vietnamese; code: VND) has been the currency of Vietnam since 3 May 1978. I almost got scammed a few years ago when I sold my car on Craiglist.for a split second I was in doubt---the scammers were that good. Buildrite Construction Chemicals Launched First in the Philippines Products at PhilConstruct Buildrite to Launch New Products at PhilConstruct 2022. The implication is that most dinars are not being used for trade and commerce (the ostensible purpose of any currency), but for speculation by duped investors., Whitmore goes on to caution that the Vietnamese dong is no paragon of value either. This was due to the countrys division into north and south after World War II. Past performance is no guarantee of future results. "Don't trust everything you read on the Internet"- Abraham Lincoln. 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