The local money, foreign exchange, and gold markets continue to remain stable despite recent fluctuations stemming from complex developments in the East Vietnam Sea, according to a press release sent to news outlets on Friday night by the State Bank of Vietnam (SBV).
China has positioned an oil rig in Vietnamese waters since May 1 despite Vietnam’s opposition.
Beijing has even deployed many ships, including military vessels, to guard the drilling platform and to ram or fire water cannons at the Vietnamese ships tasked with requesting the Chinese side to leave the area.
“The banking system is still operating normally, safely, and smoothly both domestically and internationally, and the SBV is willing to take all necessary measures to ensure the safety of the system,” it said.
The central bank reassured that it is strictly monitoring the situation and is ready to take the necessary steps to maintain the stability of the money, foreign exchange, and gold markets as well as security solutions for local credit institutions and branches of foreign banks operating in Vietnam.
The State Bank of Vietnam warns: “People should be careful when deciding to buy or sell foreign currency and gold bullion in order to avoid unnecessary economic losses [after being abetted and incited by suspicious people].”
“The calm, caution, and confidence of the people of Party and State in the conduct of monetary policy will be an important contribution to socioeconomic stability as well as a way to represent your patriotic spirit.”
The bid and asking price of the U.S. dollar on Monday were quoted at VND21,090-21,100 and VND21,120-21,170, a slight decrease from the price set by the weekend.
After the SBV issued the warning on Saturday, the price of the U.S. dollar at large banks, including Vietcombank, ACB, and Eximbank, remained at VND21,190 to the dollar, the same as the previous day. The purchase price of the U.S. dollar was at VND21,110-21,140.
The banks said the recent dollar price fluctuations were mainly due to psychological factors rather than the needs of enterprises and the people, because the demand from local businesses and people has increased by a small amount.
The reserves at banks still meet the needs of individuals and businesses, said the SBV.
Meanwhile, in the free market, the price increased by VND30 to VND21,400 to the dollar on Saturday, while dollar purchase prices also increased to VND21,280.
World gold prices fell slightly to $1,292 per ounce, equivalent to VND33.02 million per tael (1 tael = 27.5 grams) the same day. However, in the local market the SJC gold selling price increased VND150,000 to VND36.65 million per tael.
Compared with the current foreign exchange rate, the local price of gold is still VND3.63 million per tael higher than elsewhere in the world.
In late April, State Bank Governor Nguyen Van Binh announced that Vietnam’s foreign exchange reserves hit a record of about $35 billion dollars.
As a result, the foreign exchange rate, according to the commitment of the head of the central bank, will be adjusted by no more than one percent by the end of the year.
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