2012.05.07 04:17:55 Vietnam Central Bank Quotes Dollar At VND20,828, Unchanged From Friday

Monday Friday Official USD/VND rate: VND20,828 VND20,828 Vietcombank rate: VND20,820-VND20,870 VND20,820-VND20,870 Gold shop rate: VND20,830-VND20,850 VND20,830-VND20,850 HANOI (Dow Jones)--The State Bank of Vietnam Monday set the exchange rate for the U.S. dollar at VND20,828, unchanged since Dec. 24. At major local banks, rates were flat from Friday in the absence of greenback demand from companies amid slow sales of imported goods, currency dealers said. "A large number of local and foreign trading firms have reportedly seen their sales of imported goods slowing down as a result of weak consumption caused by recent local economic crisis," said a dealer with a Hanoi-based commercial bank. Hanoi Moi newspaper, citing General Tax Department data, reported Saturday that local consumption is slow because nearly a third of Vietnam's 600,000 registered companies have gone into temporary suspension, gone bankrupt or have been disbanded since early 2011. High inflation in recent years led to gross domestic product growth of 4% in the January-March quarter of 2012, the slowest since the January-March quarter of 2009. Private currency dealers in Hanoi and Ho Chi Minh City said their rates were also unchanged because of lackluster demand from small and medium-sized firms which are reducing import bills. "I don't see any indication that would influence the dollar/dong exchange rate in the near term, unless economic growth strengthens in the coming months," said a dealer with Vietnam Gold & Jewelry Traders Association. The dealers forecast the free market rate to move in a range of VND20,820 to VND20,850 range this week. -By Nguyen Pham Muoi, Dow Jones Newswires; 84-4-35123041; phammuoi.nguyen@dowjones.com (END) Dow Jones Newswires May 06, 2012 22:17 ET (02:17 GMT)