Goldilocks’ Comments and Global Economic News Monday AM 5-13-24
Good Morning ,
The link below provides information on Vietnam’s review by the US Department of Commerce regarding Vietnam’s ability to move into a Market Economy.
My understanding from the previous article on Vietnam reviewed is that this is not a graded review. It is simply a valuation of the types of goods and services they can provide comprehensively.
Vietnam is showing steady growth in several areas of their Market. Their potential to increase National Capital Investment opportunities on a Global scale is evident.
Clearly, hurdles are being cleared for Vietnam to move into a Market Economy. A Market Economy will allow them to freely move their money through supply and demand.
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Credit Valuation Adjustments on their currency will be determined by Vietnam’s ability to move their goods and services near and far at competitive rates.
© Goldilocks
https://vietnamnet.vn/en/vietnam-business-news-may-12-2024-2279536.html
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Vietnam’s Foreign Exchange Rate Review:
HCMC (Saigon) inspects authorized foreign exchange agents.
The State Bank of Vietnam-Ho Chi Minh City Branch (SBV-HCMC) has urged commercial banks to conduct inspections of their authorized foreign exchange agents and submit reports on the findings to the SBV-HCMC no later than June 15, 2024.
The SBV-HCMC has issued a letter requesting commercial banks and branches of foreign banks authorized to engage in foreign exchange activities within the city to conduct inspections of the authorized foreign exchange agents appointed by commercial banks.
Accordingly, commercial banks are required to inspect their authorized foreign exchange agents, covering compliance with legal regulations, adherence to foreign exchange agency contracts, identification of any existing limitations or misconduct, and the outcomes of any corrective actions taken.
The SBV has urged commercial banks to conduct these inspections on authorized foreign exchange agents appointed by banks to ensure compliance with regulations governing foreign currency transactions and the appropriate use of foreign currency, thus contributing to promoting the development of production and business activities, import-export, tourism, and services.
Simultaneously, commercial banks authorized to delegate foreign exchange agents must strictly adhere to all legal regulations regarding the delegation of authority to economic organizations to ensure that the appointed agents comply with legal requirements, adhere to contracts, and play a crucial role in stabilizing foreign exchange rates, the foreign exchange market, and socio-economic development.
VietnamNet
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