Vietnam edges dong higher after major devaluation

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http://www.reuters.com/article/2011/...41998620110215

Feb 15 (Reuters) - Vietnam's central bank on Tuesday set the official exchange rate between the dong and the dollar at 20,703 dong per dollar, a gain of 0.05 percent in the first increase after a major devaluation last Friday

Based on the mid-point rate, up from 20,713 dong per dollar on Monday, the dollar could move between 20,496 dong and 20,910 dong in interbank transactions on Tuesday within the daily band imposed by the central bank of 1 percent.

Vietnam devalued its beleaguered currency on Friday for the third time in a year, as authorities started to try to address festering economic problems that critics say have been brushed aside in the pursuit of growth.

The latest devaluation, by 8.5 percent, adds to difficulties facing the central bank in balancing the need to curb inflation and complying with government requests to bring rates down, economists and traders said on Monday. (Reporting by Ho Binh Minh)

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Re: Vietnam edges dong higher after major devaluation

http://www.vietnewsonline.vn/News/Bu...-62-64-pct.htm

Vietnam's annual GDP growth accelerated in the second quarter to between 6.2 percent and 6.4 percent from 5.83 percent in the first quarter, a government report estimated on Thursday.

The pickup helped boost first-half GDP growth to between 6.0 percent and 6.1 percent over a year earlier, a Planning and Investment Ministry report said.

"The economy continued to recover relatively swiftly in the first six months of the year, with all sectors and fields reaching a higher growth rate than the same period last year", the report seen by Reuters said.

Prime Minister Nguyen Tan Dung said on June 6 the economy was expected to grow between 6.5 percent and 7 percent this year, after expanding 5.32 percent in 2009.

The government has targeted 2011 growth of between 7.0 percent and 7.5 percent next year.