Retail News CRM

Tag: Vietcombank

  • US Dollar Dips to Five-Week Low: Anticipations Rise for Potential Federal Reserve Rate Cut

    US Dollar Dips to Five-Week Low: Anticipations Rise for Potential Federal Reserve Rate Cut

    On Friday morning, the strength of the U.S. dollar saw a slight decrease against the Vietnamese dong, trading near a five-week low against major currencies. The Vietnamese-based commercial bank, Vietcombank, traded the U.S. dollar at a rate of VND26,408, a marginal decrease of 0.004% from the previous day’s rate. Additionally, on the unofficial black market, the currency showed a 0.05% slip, trading at around VND27,402.

    Vietnam’s Central Bank Update

    The State Bank of Vietnam adjusted their reference rate down by 0.004% to VND25,151. This rate is the benchmark against which banks in the country can negotiate their exchange rates for the day’s transactions.

    Global Performance of U.S. Dollar

    Internationally, the U.S. dollar was hovering near a five-week low against its major competitors on Friday. This global performance has been primarily driven by the anticipation of a rate cut by the U.S. Federal Reserve in the following week.

    The dollar index, a measure of the U.S. currency against six key global currencies, was static at 99.065 early in Asia. This followed a previous downward shift that saw the index touch a five-week low of 98.765. The overall trend for the week indicates a likely 0.4% decrease in the index.

    Cross currency rates remained relatively stable. The U.S. dollar traded at 155.18 yen, while the euro stood steady at $1.1647. The British pound remained firm at $1.3326, after pulling back from a six-week high the previous day.

    The Australian dollar held steady at $0.6609, after reaching a two-month high of $0.6624 on Thursday. Meanwhile, the Canadian dollar was trading at C$1.3961 against the U.S. dollar, with the Swiss franc at 0.8035, following a significant pullback from Wednesday’s two-week high of 0.7992.

    Future Projections

    The U.S. dollar faced further pressure due to speculations surrounding potential changes in the Federal Reserve leadership. The current term of Jerome Powell, the Fed Chair, is set to end in May. Anticipations of White House economic advisor, Kevin Hassett, taking over the role are high, and he is expected to advocate for additional rate cuts.

    Questions & Answers

    What was the trading rate of the U.S. dollar at Vietcombank on Friday?
    The U.S. dollar was traded at VND26,408 at Vietcombank on Friday.

    What changes were observed in the U.S. dollar’s performance against major currencies?
    On Friday, the U.S. dollar was trading near a five-week low against major currencies.

    Who is expected to succeed Jerome Powell as the Fed Chair, and what is anticipated from his tenure?
    White House economic advisor, Kevin Hassett, is expected to succeed Jerome Powell. Hassett is likely to advocate for more rate cuts.

  • Dollar Takes a Tumble Against the Dong: What Retailers Need to Know

    Dollar Takes a Tumble Against the Dong: What Retailers Need to Know

    In a fluctuating market, the U.S. dollar is showing signs of weakness against the Vietnamese dong and other major currencies this Monday morning. Vietcombank reported a slight decrease in the dollar selling rate to VND26,451, down by 0.008% since the weekend. Meanwhile, the currency was trading approximately at VND26,650 on the black market, showcasing the ongoing shifts in value.

    Fed on the Sidelines as Government Shutdown Looms

    The depth of the dollar’s decline is echoed worldwide, driven in part by investor anxiety about a potential U.S. government shutdown. Such a closure would delay the release of the September payrolls report and other critical economic indicators, according to Reuters. Analysts warn that an extended government shutdown would leave the Federal Reserve with little guidance on the economy ahead of its meeting scheduled for October 29.

    Market Analysis Indicates Cautious Optimism

    In a note from analysts at BofA, it was suggested that if the shutdown extends past the Fed meeting, policy decisions will shift to reliance on private data. “On the margin, we think this may lower the likelihood of an October cut, but only marginally,” they observed. The dollar index retreated by 0.2% to 97.952, after benefiting from positive economic news the previous week.

    Meanwhile, the euro made a modest gain, inching up to $1.1726, yet is still sitting comfortably in the lower half of its recent trading range between $1.1646 and $1.1918. The dollar also weakened against the yen, dropping 0.4% to 148.92, following a more than 1% rally last week and distancing from the September low of around 145.50. It’s almost as if the dollar is engaging in a very public game of dodgeball, as it avoids hitting its lowest points.

    Questions & Answers

    How has the U.S. dollar performed against the Vietnamese dong recently?
    The U.S. dollar has weakened against the Vietnamese dong, with the selling rate at VND26,451 as of Monday, reflecting a decrease of 0.008% since the weekend.

    What factors are contributing to the dollar’s decline?
    Investor concerns about a potential U.S. government shutdown are weighing heavily on the dollar, especially as it threatens to delay critical economic reports that influence Federal Reserve policy.

    What are analysts predicting regarding future Federal Reserve actions?
    Analysts suggest that if the government shutdown persists, the Federal Reserve may rely more on private data for its decisions, which could slightly reduce the likelihood of an interest rate cut in October.

  • Dollar Declines as Vietnamese Dong Strengthens in Currency Market Shuffle

    Dollar Declines as Vietnamese Dong Strengthens in Currency Market Shuffle

    The U.S. dollar weakened against the Vietnamese dong Friday morning, paving the way for a weekly loss against several major currencies. At Vietcombank, the dollar was sold at VND26,310, representing a slight decline of 0.04% from the previous day. Meanwhile, the currency appreciated by 0.06% at unofficial exchange points, trading around VND26,465.

    The State Bank of Vietnam adjusted its reference rate downward by 0.008%, bringing it to VND25,164.

    On the global stage, the dollar edged away from two-week lows but was poised for its most significant weekly drop in a month, as investors awaited developments in U.S. tariff negotiations before the August 1 deadline. Eyes are also on upcoming central bank meetings, according to reports from Reuters.

    The dollar index, which gauges the U.S. currency against six others, stood at 97.448 and is set for a 1% drop this week—the weakest showing in a month. The Japanese yen traded at 147.20 to the dollar, preparing for a weekly gain of nearly 1%.

    The euro held steady at $1.174, lingering not far from its recent peak of $1.183, marking a nearly four-year high from earlier this month. So far this year, the euro has climbed 13.5%, benefiting from tariff policies that tamp down the dollar’s appeal.

    “Market attention is squarely on next week’s Fed meeting. We expect Fed Chair Jerome Powell to reiterate a patient, data-dependent approach, although he is unlikely to signal any immediate cuts,” noted Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities.

    Questions & Answers

    How has the U.S. dollar performed this week against the Vietnamese dong?
    The U.S. dollar experienced a decline against the Vietnamese dong, being sold at VND26,310, and is anticipated to close the week with and overall loss against major currencies.

    What factors are influencing the dollar’s performance?
    The dollar’s dip is attributed to ongoing U.S. tariff negotiations and anticipation surrounding upcoming central bank meetings that could impact monetary policy.

    What is the outlook for the euro amidst these currency fluctuations?
    The euro remains resilient, holding steady against the dollar and benefiting from strong performance in the face of U.S. tariff policies, which have diminished the dollar’s attractiveness.

  • Dollar Surges to New Peak Against Dong: What It Means for Retail and Consumers

    Dollar Surges to New Peak Against Dong: What It Means for Retail and Consumers

    On Wednesday morning, the U.S. dollar surged to an all-time high against the Vietnamese dong, intensifying its ascent while remaining at a three-and-a-half-year low against other major currencies.

    The Vietcombank sold the greenback at VND26,323, reflecting a modest increase of 0.05% from the previous record of VND26,310 set on June 24. However, on the black market, the dollar retreated by 0.26% from Tuesday, trading at around VND26,440.

    Since the beginning of the year, the U.S. dollar has appreciated by 3.02% against the dong, showcasing its growing strength in the local financial landscape.

    This week, the State Bank of Vietnam responded by raising its reference rate by 0.05% to VND25,070, aiming to stabilize the currency’s value.

    Globally, while the dollar soared against the dong, it faced challenges, hovering near its weakest levels since February 2022 against major counterparts. Market players are digesting dovish remarks from Federal Reserve Chair Jerome Powell and deliberating the potential implications of President Donald Trump’s spending bill, according to reports from Reuters.

    Notably, the dollar index, which gauges its performance against six major currencies, crept slightly upward to 96.677, yet remained close to its earlier low of 96.373. The greenback stabilized at 0.7906 Swiss franc, recovering slightly from a dip to 0.7873 franc during the previous session.

    The euro held steady at $1.1802, lingering near its overnight high of $1.1829, while sterling edged up to $1.37435, inching closer to Tuesday’s peak of $1.3787, a level not seen since October 2021. The dollar regained some ground against the yen, rising by 0.1% to 143.59 yen after a 0.4% decline in the previous session.

    Questions & Answers

    What does the recent increase in the dollar’s value against the Vietnamese dong indicate?
    The rise signifies a growing strength of the U.S. dollar in Vietnam’s financial landscape, influenced by global market dynamics and local currency policy adjustments.

    How has the State Bank of Vietnam responded to the dollar’s surge?
    To combat the dollar’s increasing value, the State Bank raised its reference rate by 0.05% to VND25,070, aiming to stabilize the local currency.

    What are the implications of Federal Reserve Chair Jerome Powell’s remarks for the dollar?
    Powell’s dovish hints suggest a more cautious approach to interest rate hikes, impacting global perceptions of the dollar’s strength among traders worldwide.

  • Dollar Gains Ground Against Dong in Latest Currency Exchange Update

    Dollar Gains Ground Against Dong in Latest Currency Exchange Update

    The U.S. dollar experienced a slight uptick against the Vietnamese dong on Thursday morning, but faced declines when matched against various major currencies.

    Vietcombank Adjusts Rates

    In an intriguing shift, Vietcombank increased its dollar exchange rate by 0.04%, setting it at VND 26,150. Meanwhile, the State Bank of Vietnam took a different approach, reducing its reference rate by 0.03% to VND 24,955. On the black market, the dollar saw a 0.19% drop, marking a noteworthy twist in the ongoing currency dynamics. Despite these fluctuations, the greenback has seen a rise of 2.34% against the dong since the beginning of the year.

    Global Concerns Weigh on the Dollar

    Internationally, the U.S. dollar faced headwinds driven by fiscal uncertainties and a lackluster Treasury bond auction, causing it to hit a two-week low against the yen. According to reports, President Donald Trump was making an attempt to shepherd his ambitious spending and tax-cut proposal through Congress. As a result, the dollar dipped to 143.27 yen, its lowest since May 7. In the European currency market, the euro remained stable at $1.1330 following a 0.4% rise on Wednesday, marking a third consecutive day of gains.

    Bitcoin and Gold Shine

    In the world of alternative investments, Bitcoin soared to a new all-time high on Thursday, capturing the attention of investors seeking options beyond U.S. assets. Gold also enjoyed a boost, hitting an almost two-week peak of $3,325.79—just $175 shy of its record high from April. It seems that, in a world rife with uncertainties, some assets just know how to dazzle!

    Questions & Answers

    What sparked the rise in the dollar against the Vietnamese dong?
    Vietcombank’s increase of its exchange rate contributed to the dollar’s rise, despite mixed signals from the State Bank of Vietnam.

    How did the dollar perform in global markets?
    While it rose against the dong, the dollar struggled against major currencies, dropping to a two-week low against the yen.

    What trends did Bitcoin and gold exhibit recently?
    Bitcoin reached an all-time high as investors sought alternatives to the dollar, while gold climbed to nearly a two-week high, heightening its appeal in this uncertain financial landscape.

    Lees ook:

  • Dollar Stays Strong Against Dong as Markets React to Economic Trends

    Dollar Stays Strong Against Dong as Markets React to Economic Trends

    The U.S. dollar held steady against the Vietnamese dong on Wednesday, even as it experienced a slight decline against several major world currencies. At Vietcombank, the dollar remained unchanged at VND26,140, while the black market valued it at VND26,500. The State Bank of Vietnam also kept its reference rate stable at VND24,973.

    Globally, the dollar found some stability following its most significant drop in over three weeks. This came in the wake of lower-than-anticipated U.S. consumer inflation data, which tilted the scales toward a potential easing by the Federal Reserve, especially as global trade tensions seem to be calming. Reports suggest, however, that this stability may be short-lived, as the U.S. dollar index, which evaluates the currency against six major peers, dipped 0.1% to 100.87 after a 0.8% decline the previous day.

    Earlier in the week, the index surged 1% and reached a one-month high, bolstered by optimism surrounding a de-escalation in U.S.-China trade tensions, which many believed could stave off a looming global recession. Nevertheless, analysts at TD Securities predict a 5% decline in the dollar during the second half of the year as investors consider diversifying away from U.S. assets amidst rising uncertainty and volatility surrounding U.S. policies.

    In offshore trading, the dollar appreciated by 0.24% to 7.2122 yuan, recovering slightly after falling to a six-month low of 7.1791 yuan on the prior day. However, it took a hit against the yen, declining 0.41% to 146.89, extending Tuesday’s drop of 0.66%. The dollar also slipped 0.1% to 0.8384 Swiss francs, while the euro and sterling remained largely unchanged at $1.1191 and $1.3307, respectively.

    This financial juggling act is quite a spectacle—it’s almost like watching a game of currency twister!

    Questions & Answers

    Why did the U.S. dollar remain stable against the Vietnamese dong?
    The U.S. dollar held steady as Vietcombank and the black market showed little fluctuation, with the dollar consistently valued around VND26,140 and VND26,500, respectively.

    What factors influenced the global dollar’s recent performance?
    A combination of lower-than-expected U.S. consumer inflation data and easing global trade tensions contributed to the dollar’s slight decline against major currencies.

    What do analysts predict for the dollar’s future?
    Analysts at TD Securities foresee a potential 5% drop in the dollar in the latter part of the year as global investors look to diversify their portfolios amid ongoing uncertainty and policy volatility in the U.S.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Vietcombank Remittance named best remittance company in Vietnam

    Vietcombank Remittance named best remittance company in Vietnam

    Vietcombank Remittance was honored as “Remittance Company of the Year – Vietnam” for the third consecutive time by Asian Banking & Finance on Dec. 24.

    This achievement affirms the quality of services and the growth of Vietcombank Remittance, recognizing the company’s efforts and demonstrating its position in both the domestic and international remittance markets.

    Vietcombank Remittance is the only remittance company in Vietnam to organize the Client Conference for three consecutive years successfully. This year’s event featured participation from strategic partners in Taiwan, South Korea, the United States, and several other countries, highlighting the company’s role in fostering international cooperation and collaboration.

    The company consistently supports government agencies in developing policies to enhance remittance resources. Vietcombank Remittance actively participates in programs organized by the Overseas Vietnamese Committee of Ho Chi Minh City to promote collaboration among stakeholders and increase the efficiency of remittance flows. The company has also significantly contributed to Ho Chi Minh City People’s Committee’s project on “Optimizing the Effectiveness of Remittance Resources.”

    Vietcombank Remittance is committed to collaborating with the Ho Chi Minh City People’s Committee to implement specific initiatives such as supporting the improvement of policy mechanisms and facilitating convenient conditions for overseas Vietnamese to send money home. It collaborates closely with regulatory agencies to create clear legal frameworks and facilitate the use of technology in remittance operations.

    The company is leading initial efforts to establish the Vietnam Remittance Association to elevate the industry’s position on the international stage. This association is expected to serve as a bridge between the government, businesses, and the overseas Vietnamese community, ensuring policies are geared toward sustainable development.

  • Vietcombank enables online registration for gold purchases

    State-owned Vietcombank has introduced an online registration system for gold bar purchases starting Wednesday.

    Customers can register to buy gold from 9 a.m. daily and collect their orders in the afternoon.

    Vietcombank said that it promises to keep all customer information confidential and only use it for gold bar transactions.

    Vietcombank assures that all customer information will remain confidential and will only be used for gold bar transactions. This initiative makes Vietcombank the first of the four state-owned banks to offer online registration for gold purchases.

    At other state-owned banks, such as Agribank, BIDV, and VietinBank, customers still need to queue for tokens in the morning and return in the afternoon to collect their gold.

    Since earlier this month, long queues have been seen at these banks as the State Bank of Vietnam (SBV) began distributing gold bars through them. Some customers have been lining up as early as 4 a.m. to secure tokens, with each branch serving only 20-40 customers per day.

    The SBV recently confirmed that there is sufficient gold to meet retail demand. However, the bank noted that some individuals have been hiring others to queue in order to hoard gold and drive up prices. Consequently, the SBV has requested government officials to investigate signs of speculation.

    The price of Saigon Jewelry Company gold bars has remained steady at nearly VND77 million ($3,026.37) over the past four days, approximately 8.5% higher than the global rate.

  • Vietcombank continues to achieve record profits

    Vietcombank continues to achieve record profits

    State-owned lender Vietcombank reported record pre-tax profits of VND41.2 trillion (US$1.68 billion) for 2023.

    Its previous highest was VND37.4 trillion a year earlier.

    It made the bank the most profitable in the industry by a margin of tens of trillions of dong.

    Profits before credit risk provisioning were worth VND45.8 trillion, a 2.2% decline.

    But halving the provisioning to VND4.5 trillion meant the lender maintained profit growth.

    Vietcombank’s bad debts ratio (groups three to five) increased from 0.68% at the beginning of the year to 1% by the end, while loans that require attention (group two debts) surged by 40% to over VND5.55 trillion.

  • Dollar drops at banks

    Dollar drops at banks

    On Monday morning, the U.S. dollar dropped at banks but remained unchanged at unofficial exchange points.

    Vietcombank sold the dollar at VND23,740 Monday, down 0.02% from Sunday. Eximbank and Techcombank sold the greenback 0.04% lower at VND23,720, and VND23,745, respectively.

    The USD/VND exchange rate has increased by 0.04% since the beginning of the year. The State Bank of Vietnam (SBV)’s reference rate is at VND23,628, up 0.01%. The dollar remained stable at VND23,680 on the black market.

    On Monday, the dollar hovered near a five-week high against major peers on rising bets for prolonged Federal Reserve policy tightening ahead of a crucial consumer price report the following day.

    The dollar index – which measures the greenback against six counterparts including the yen, euro and sterling – added 0.068% to 103.65, keeping close to last Tuesday’s high of 103.96, the strongest level since January 6.

    Lees ook:

    Lees ook:

  • Vietcombank names new general director

    Vietcombank names new general director

    Vietcombank, Vietnam’s largest state-owned lender, named its current deputy general director Nguyen Thanh Tung as its new general director on Monday.

    Tung, 49, was the same day elected a member of Vietcombank’s board of management for the 2018-2023 term.

    He holds bachelor’s degrees in economics of international trade and English education, as well as a master’s degree in economics of Paris Dauphine University.

    His career at Vietcombank began 26 years ago in 1997. He became the office head of Vietcombank in 2008, then the deputy director of the bank’s operation center in 2013.

    He became the deputy general director of the sales division in April 2019, before becoming deputy general director of the board of management in August 2021.

    Lees ook:

  • Dollar moves up at most banks

    Dollar moves up at most banks

    On Monday, the U.S. dollar went up against the Vietnamese dong at most banks and the black market.

    Vietcombank sold the dollar at VND23,800, up 0.34% from Saturday.

    Eximbank sold the greenback at VND23,770, up 0.30%.

    The rate at Techcombank is VND23,800, up 0.21%, and at ACB is VND23,900, up 0.42%.

    The State Bank of Vietnam (SBV)’s reference rate is at VND23,645, down 0.02%.

    The dollar is sold at VND24,100 on the black market, up 0.27%.

    The greenback has gained over the dong by 3.84% since the beginning of the year.

    Lees ook:

  • Dollar plunges at banks

    Dollar plunges at banks

    The U.S. dollar plunges at commercial banks Wednesday morning, with Vietinbank selling it at VND24,785, down 0.26% from Tuesday.

    It dropped 0.20% to VND24,800 at Vietcombank, and 0.28% to VND24,770 at Eximbank.

    The State Bank of Vietnam set the reference rate 0.01% lower at VND23,665.

    The greenback is sold at VND24,960 on the black market, down 0.24%.

    The Dollar Index, which measures the greenback’s strength against major currencies, hovers around 106, down from a 20-year high of 114.78 on September 28 on expectations that its rally may have been overstretched and as the Fed looks to slow its pace of rate increases.

    Rising inflation and geopolitical tension have pushed the dollar up 8% over the dong by over 8% since the beginning of this year.

    Lees ook:

  • Dollar drops against dong

    Dollar drops against dong

    TPBank let the dollar slide 0.004% to VND24,854. Techcombank sold it at VND24,852, down 0.004%.

    The State Bank of Vietnam set its exchange rate at VND23,671, also down 0.004%.

    The dollar was sold VND24,940 at unofficial exchange points, down 0.4% from Wednesday.

    The U.S. dollar was broadly weaker on Thursday as investors, encouraged by the prospect of a slower pace of interest rate hikes from the Federal Reserve, placed bets on riskier assets.

    The dollar index, which measures the greenback against six major peers, was down 0.066% at 105.830, after sliding 1% overnight.

    Lees ook:

    Lees ook:

  • Dollar rises to all-time high against Vietnamese dong

    Dollar rises to all-time high against Vietnamese dong

    The U.S. dollar continued to strengthen and reached its historic high against Vietnamese currency Saturday.

    The State Bank of Vietnam (SBV) on Saturday morning set the reference rate for the Vietnamese dong at VND23,283, the same as Friday and VND50 higher than early this week.

    At commercial banks, the Vietnamese dong is at its lowest in history.

    Vietcombank, the country’s largest lender, has sold the U.S. dollar for VND23,795, up more than 3.8 percent from the beginning of this year.

    Top private player Techcombank’s rates were VND23,810, Eximbank’s were VND23,790, and Sacombank VND23,967.

    The SBV allows the Vietnamese dong to trade within a band of 3% on either side of the reference rate, which is based on eight currencies and set daily.

    Lees ook: