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Vietnam devaluates dong for second time this year

by ChemOrbis Editorial Team -
  • 07/05/2015 (11:47)
According to media reports, the State Bank of Vietnam has devaluated the dong for the second time this year, lowering its reference rate by 1% to VND21,673 per dollar effective as of May 7. Vietnam had last devaluated its currency in January.

The central bank reportedly devaluated the currency in order to retain competitiveness in global markets as a relatively strong dong, which has declined 1.5% against the dollar so far this year, has caused the country’s exports lose their competitiveness against exports from other regional countries like Indonesia and Malaysia, whose currencies have depreciated by 5.4% and 2.6%, respectively, against the dollar.

In the January-April period, overseas sales increased 8.2%, falling short of the government’s target of a 10% rise in overall sales.

The Vietnamese government targets an economic growth rate of 6.2% this year after achieving a growth rate of 5.9% in 2014.
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