vietnamnews Update: October, 23/2017 – 17:24
|Deputy Governor of State Bank of Việt Nam Nguyễn Thị Hồng. – Photo SBV
Viet Nam News HÀ NỘI — Record-high foreign reserves will enable Việt Nam’s central bank to keep the đồng, the local currency, stable for the rest of the year, Bloomberg quoted a central bank official as saying.
With reserve levels at US$45 billion, “we are confident we will be able to maintain the đồng’s value,” in 2017, Nguyễn Thị Hồng, deputy governor of State Bank of Việt Nam (SBV), said on the sidelines of a meeting in Hội An last Saturday. “Such a high level of foreign reserves will allow us to step in to stabilise the money market when needed,” she added.
According to Bloomberg, the đồng has been one of the most stable currencies in Asia this year.
An increase in remittances from Vietnamese living abroad has helped boost foreign reserves this year, which allows the central bank to continue focusing on policies to support economic growth, Nguyễn Hoàng Minh, deputy head of SBV in HCM City, said in an interview last month.
The central bank will ensure lenders have enough liquidity “so that they can lend at lower interest rates,” Hồng said. “By helping banks with more cash availability, we will be able to bring down lending interest rates at banks without having to cut our policy rates,” she added.
Việt Nam was one of only a handful of Asian nations, whose central bank eased monetary policy this year, unexpectedly cutting benchmark interest rate for the first time in three years in July.
Prime Minister Nguyễn Xuân Phúc said on Monday morning that Việt Nam is expected to meet the GDP growth target of 6.7 per cent this year. If it can reach the target, it will be the fastest pace since 2007. The economy grew 6.41 per cent in the nine months through September. — VNS
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I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn.
I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law.
I have published many articles on national newspapers and radio stations in Việt Nam.
In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship.
Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam.
I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN.
I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net).
I study the art of leadership with many friends who are religious, business and government leaders from many countries.
In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống).
In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success".
I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.
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