Central bank weakens dong to drive exports, economy

An Asia Commercial Bank branch in Ho Chi Minh City Thursday. Commercial banks said their dollar supply has fallen since moneychangers offer higher rates for the greenback.

The central bank Thursday fixed the dong’s rate 3 percent down against the dollar to boost exports, as the country’s economy expanded at its slowest pace in nine years [...]

World Bank lowers growth forecast for Vietnam

Vietnam’s shipments of staple items like garments and seafood, which until recently saw high export growths, are not expected to fall sharply, said the World Bank’s acting country director

Vietnam is expected to post gross domestic product (GDP) growth of 6.5 percent in both 2008 and 2009, lower than earlier predictions, the World Bank said in [...]

World Bank calls on Vietnam to continue reforms

The Hai Van Tunnel in Da Nang, Vietnam’s first mountain pass, was built with construction assistance from Japan

World Bank Vice President James W. Adams Thursday called on the Vietnamese government to continue working on its reform agenda and assisting the nation’s poorest citizens.

At a biannual meeting of Vietnamese officials and representatives of [...]

Central bank widens forex trading band to 3 percent

A teller counts money at a Sacombank branch in Ho Chi Minh City’s District 1.

The State Bank of Vietnam (SBV) expanded the trading band for the dong, allowing for a weaker currency to boost exports and shore up the economy against the threat of a global recession.

The currency can trade at 3 [...]