Tuesday Monday
Official USD/VND rate: VND20,828 VND20,828
Vietcombank rate: VND20,850-VND20,885 VND20,850-VND20,850
Gold shop rate: VND20,870-VND20,890 VND20,870-VND20,890
By Nguyen Pham Muoi
HANOI--The State Bank of Vietnam set the exchange rate for the U.S.
dollar at VND20,828 Tuesday, unchanged from Monday.
Currency dealers said rates at major commercial banks led by
Vietcombank and gold shops were unchanged due to lackluster demand for
the greenback from local businesses.
The demand for dollars has been weakening since the end of last month,
after the government said first-half economic growth slowed to 4.38%
on a year on year basis, the slowest in three years.
"State media is full of stories telling that companies have been
facing high inventories because of slow sales and weak consumption
after ten of thousands of companies became bankrupt in the first half
of this year," said a dealer with a Hanoi-based joint stock commercial
bank.
He cited government data released last month saying 26,324 local
companies declared bankruptcy in the six month ended June 30, up 5.4%
from a year earlier.
Private currency dealers in Hanoi and Ho Chi Minh City said their
rates were flat, in line with the global price of gold which stood at
$1,625 a troy ounce Tuesday, unchanged from Monday.
Private currency dealers in Vietnam often use the price of gold as a
benchmark to calculate dollar rates.
Write to Nguyen Pham Muoi at phammuoi.nguyen@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
July 30, 2012 22:14 ET (02:14 GMT)
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