Rising dong may hit exports

[dinaros]

Pham Chi Quang, an economist from Vietnam’s Central Institute of Economic Management, said that the revaluation of the dong will urge people who have dollars to sell, which will put more pressure on the Vietnam dong to gain against the US dollar.


Not sure what this means.

http://www.div.gov.vn/EN/news_detail.asp?CatID=48&id=428

[dlp]

Not positive either, but it certainly sounds positive for an upward movement of the VND........ha, you probably thought I was going to say dong!

[RotaryRevn]

But this doesn't sound good:

Phuoc said that the dong’s revaluation against the dollar remained under control. “The central bank will soon work out measures to prevent the Vietnam dong’s further appreciation against the US dollar,” he said.


Phuoc, will the Dong rise or not?

[imluvinit]

They wont be able to keep the rate from going up for very long.They have tried this already and it didnt work.They could stop or lower the supply going out for a little while though.

[texan28]

Does anyone here have a good source (trustworthy) for the dong. I am interested in purchasing. Ebay rates seem a bit high. Chase does not handle them yet.
Any help would be great.

[michaelb4348]

Does anyone here have a good source (trustworthy) for the dong. I am interested in purchasing. Ebay rates seem a bit high. Chase does not handle them yet.
Any help would be great.


i might swop my 1 mil in dong for dinar

[mike squared]

Does anyone here have a good source (trustworthy) for the dong. I am interested in purchasing. Ebay rates seem a bit high. Chase does not handle them yet.
Any help would be great.
dinartrade.com

[DareDevil1]

If memory serves me correctly, they tried to prevent the raise of the value of the VND against the dollar and it STILL increased 30%.

[harold4187]

Does anyone here have a good source (trustworthy) for the dong. I am interested in purchasing. Ebay rates seem a bit high. Chase does not handle them yet.
Any help would be great.
I bought 4 mil a week ago from Well Fargo for $298.50.
My daughter had a account. But i understand if you go to a international bank it is a $5.00 surcharge.

[texan28]

I bought 4 mil a week ago from Well Fargo for $298.50.
My daughter had a account. But i understand if you go to a international bank it is a $5.00 surcharge.

Do you happen to know how much it takes to open an account at wells fargo?
Thanks

[F-12]

Do you happen to know how much it takes to open an account at wells fargo?
Thanksshould be no charge to open an account with w/f..If so it would'nt be much...

[DealOrBuyDinar]

But this doesn't sound good:

Phuoc said that the dong’s revaluation against the dollar remained under control. “The central bank will soon work out measures to prevent the Vietnam dong’s further appreciation against the US dollar,” he said.


Phuoc, will the Dong rise or not?

It's a balancing act.

-The economy is growing as a result of increase exports.
-This leads to an influx of US dollars and other currencies into the economy
-A growing economy runs the risk of hyper-inflation
-Hyper-inflation can be countered by revaluing the currency
-revaluing the currency can decrease exports but outpricing yourself against your competitor which can slow your economies growth

imluvinit is right, they won't be able to keep it from appreciating for long. It's just a matter of time now.

[harold4187]

Do you happen to know how much it takes to open an account at wells fargo?
Thanks
I was going to put 50.00 into a savings and feed as needed.
It is a cheap buy out considering dinar trade want 125.00 for a mil that wells will sell at 72.50.:shhh:

[DealOrBuyDinar]

Pham Chi Quang, an economist from Vietnam’s Central Institute of Economic Management, said that the revaluation of the dong will urge people who have dollars to sell, which will put more pressure on the Vietnam dong to gain against the US dollar.


Not sure what this means.

http://www.div.gov.vn/EN/news_detail.asp?CatID=48&id=428


Even though I deal in this currency I'm learning about the economical aspect as I go.

Think of it this way: Remember the the Iraqi government auctions off the Dinar daily in exchange for the USD? They are using the USD to establish the value of their currency. In other words they are using a USD standard in a sense just as we would use the gold standard in the past. The more gold we had in Ft. Knox, the more the USD was worth. Therefore, the more USD's Iraq accumulates, the more backing they have for the dinar and the more it is worth.

Pham Chi Quang, an economist from Vietnam’s Central Institute of Economic Management, said that the revaluation of the dong will urge people who have dollars to sell, which will put more pressure on the Vietnam dong to gain against the US dollar.

I would interpret this statement to mean that people holding USD's will sell it for the Dong. As is rises, they can get more Dong for their Dollars. Just like when the Dinar or Dong goes up, we will sell it for USD's when it hits a certain value right? The higher it goes the more likely they will be to sell their USD's for Dong. He calls it selling but we might consider it buying since we are on the other side of the transaction. As the Dong goes up, more investors will purchase the Dong and they will "sell" their USD's into Vietnam's economy for Dong.

So when people holding USD's start selling, there will be an additional influx of USD's in their economy. Presently they are recieving an influx of USD's from their exports. The more USD's in their economy, the more the Dong is worth and the higher it goes. The higher it goes, the more people will sell their USD's to them for Dong.

I really think it's just a matter of time. Like I said, I'm still trying to understand the economics involved but I think that might be accurate. Anyone else, let me know if I'm a little off.

[PegBundy]

the World Bank and IMF will intervene and offer a recommendation similarly to China when the Yuan was r/v'ed. The country cannot manipulate the exchange rate in global free trade

[Garf]

the World Bank and IMF will intervene and offer a recommendation similarly to China when the Yuan was r/v'ed. The country cannot manipulate the exchange rate in global free trade

I was just thinking that.

[DealOrBuyDinar]

the World Bank and IMF will intervene and offer a recommendation similarly to China when the Yuan was r/v'ed. The country cannot manipulate the exchange rate in global free trade

I see. So given they're membership in the WTO I would assume that means they would be inclined to accept thsoe recommendations from the World Bank and IMF? They just announced a cessation of a 10 year policy to depreciate the Dong. Could their WTO membership be a factor in that?

[PegBundy]

I see. So given they're membership in the WTO I would assume that means they would be inclined to accept thsoe recommendations from the World Bank and IMF? They just announced a cessation of a 10 year policy to depreciate the Dong. Could their WTO membership be a factor in that?

Think of it this way. Membership with the WTO acknowledges an agreement to a set of terms in regards to free and open trade. By manipulating your means to value your goods it provides an unfair advantage to those who either need to purchase or sell to a given country.

Being that it provides an effort to in essence, police global commerce, there is an implied sense of understanding that all parties will partake on an equitable scale.

[texan28]

ok here is what I found out. According well fargo. I would need an account (savings) of $300 dollars. Then I could purchase throu them with a 6.00 transaction fee. My problem is....I don't have $300 bucks to start an account just to buy $10 worth of Dong. So I will need another option. Ebay prices way too high. The rate on xe.com is just over 16,000 dong to the dollar. Ebay prices are about(average) 7000-8000 dong to the dollar.
More than I am willing to pay.

[KS Dinarman]

Dinartrade.com is 1 million dong costs $105

[DealOrBuyDinar]

I see. So given they're membership in the WTO I would assume that means they would be inclined to accept thsoe recommendations from the World Bank and IMF? They just announced a cessation of a 10 year policy to depreciate the Dong. Could their WTO membership be a factor in that?

Yes, but this assumes that they are trading on the forex correct? In which case the value of the currency is established by the free market. Prior to that they are at liberty to value or devalue it as they determine. Correct?

[DealOrBuyDinar]

ok here is what I found out. According well fargo. I would need an account (savings) of $300 dollars. Then I could purchase throu them with a 6.00 transaction fee. My problem is....I don't have $300 bucks to start an account just to buy $10 worth of Dong. So I will need another option. Ebay prices way too high. The rate on xe.com is just over 16,000 dong to the dollar. Ebay prices are about(average) 7000-8000 dong to the dollar.

More than I am willing to pay.


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