The Vietnamese dong has not experienced a revaluation yet.
Contrary to the expectations of some investors and individuals, the Vietnamese dong has not experienced a revaluation yet. This means that the value of the Vietnamese dong has not significantly increased or strengthened against other currencies.
To provide an interesting and detailed perspective on this topic, let’s delve into some key facts and a relevant quote:
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Economic Factors: The value of a currency is influenced by various economic factors such as inflation, interest rates, trade balance, and government policies. Vietnam’s strong economic growth in recent years has contributed to maintaining a stable exchange rate for the dong.
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Managed Exchange Rate: The State Bank of Vietnam (SBV) manages the exchange rate of the dong based on a basket of currencies, including the US dollar, Chinese yuan, euro, and Japanese yen. This approach is aimed at promoting stability and competitiveness in the country’s economy.
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Currency Fluctuations: While the Vietnamese dong has not revalued significantly, it does experience regular fluctuations within a controlled band set by the SBV. These fluctuations are influenced by global market conditions and trading activities.
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Inspiring Quote: “Currency revaluations cannot cure the disease of a trade deficit; they can only treat the symptom.” – Jeffery Sachs
Jeffery Sachs, an esteemed economist, highlights the limited impact of currency revaluation on addressing underlying economic issues such as trade deficits. It emphasizes the need for comprehensive economic policies and structural reforms to drive sustainable growth.
Table: Vietnamese Dong Exchange Rates (as of September 2021)
| Currency | Exchange Rate to Vietnamese Dong |
|---|---|
| US Dollar | 1 USD = 22,996 VND |
| Euro | 1 EUR = 26,855 VND |
| Chinese Yuan | 1 CNY = 3,542 VND |
| Japanese Yen | 1 JPY = 209.57 VND |
Note: Exchange rates are subject to fluctuation and may be different at the time of reading.
In conclusion, despite various speculations and expectations, the Vietnamese dong has not undergone a significant revaluation. The stability and managed exchange rate approach adopted by the State Bank of Vietnam have helped maintain the dong’s value. It is pivotal to consider a holistic approach towards economic development beyond currency revaluation alone.
See related video
The YouTube video titled “Will the Vietnamese Dong Revalue in 2023?” discusses the possibility of the Vietnamese Dong revaluing but ultimately concludes that it is unlikely. The video points out the Dong’s history of inflation and economic instability, as well as its current low value as the third least valuable currency in the world. Furthermore, the low value of the Dong benefits Vietnam’s export industry. The video advises against investing in the Dong and highlights recent news that suggests a further decrease in its value. The speaker recommends holding USD instead and cautions against speculative investments, advocating for investing in quality assets for the long term.
Many additional responses to your query
The Vietnamese dong has been devalued over the past few years. Depending on future circumstances, the Vietnamese official currency could see a rise in its value, but it depends on the further development of the ongoing global health crisis and the pace at which the global economic and business environment will improve. According to expert forecasts, the USD/VND rate will increase slightly to VND 22,900 per US$ in the fourth quarter of 2021; to VND 23,000 per US$ in the first quarter of 2022; to VND 23,100 per US$ in the second quarter of 2022; and VND23,200 per US$ in the third quarter of 2022.
The video here explains that there is a possible revaluation of the Vietnamese Currency, the Dong, abbreviated VND. However, it should be known that the currency of Vietnam has actually been devalued over the past few years. As a matter of fact, the Dong was, itself, devalued over 5 times in just the year 2015 alone.
Depending on future circumstances, the Vietnamese official currency could see a rise in its value, but it depends on the further development of the ongoing global health crisis and the pace at which the global economic and business environment will improve.
According to expert forecasts, the USD/VND rate will increase slightly to VND 22,900 per US$ in the fourth quarter of 2021; to VND 23,000 per US$ in the first quarter of 2022; to VND 23,100 per US$ in the second quarter of 2022; and VND23,200 per US$ in the third quarter of 2022.
In addition, people are interested
Furthermore, Is the Vietnam dong going up in value? As a response to this: The Vietnamese Dong is expected to trade at 23646.68 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 24046.44 in 12 months time.
Subsequently, Is the Vietnam Dong going to revalue 2023? Answer to this: The dong will stabilise between US$:D23,500 and US$:D24,000 in 2023, against our existing forecast for an annual average of about US$:D23,300. The exchange rate will resume an appreciating trend in 2024.
Also to know is, What is the VND to USD forecast for 2023? Answer to this: According to experts of Yuanta Vietnam Securities Company, the USD/VND exchange rate from the beginning of 2023 fluctuated around a range of +/- 1.9% at 23,240 – 23,630 VND per dollar, much more stable than in 2022 when the rate sometimes peaked at 24,692 VND per dollar, up 4.2% against the State Bank of Vietnam (SBV)’
Moreover, How much is $1 US in Vietnam dong? Answer will be: 1 USD = 23,679.85376 VND Jul 03, 2023 14:56 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately.
Accordingly, Will the Vietnamese Dong go up in value?
As an answer to this: According to expert forecasts, the USD/VND rate will increase slightly to VND 22,900 per US$ in the fourth quarter of 2021; to VND 23,000 per US$ in the first quarter of 2022; to VND 23,100 per US$ in the second quarter of 2022; and VND23,200 per US$ in the third quarter of 2022.
In this way, When was the Dong revalued in Vietnam?
The response is: The two versions were unified when the country became one in 1978. The dong was revalued in September 1985 at a rate of 10 old dong to one new dong. The State Bank of Vietnam sets the reference rate for the value of the dong against the US dollar.
Also Know, Is there a revaluation of the Vietnamese currency?
As an answer to this: The video here explains that there is a possible revaluation of the Vietnamese Currency, the Dong, abbreviated VND. However, it should be known that the currency of Vietnam has actually been devalued over the past few years. As a matter of fact, the Dong was, itself, devalued over 5 times in just the year 2015 alone.
Also asked, When did the Vietnamese dong reach its all time high?
As an answer to this: Historically, the Vietnamese Dong reached an all time high of 23650 in March of 2020. Vietnamese Dong – data, forecasts, historical chart – was last updated on June of 2021. The Vietnamese Dong is expected to trade at 23043.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations.
Keeping this in view, Will the Vietnamese Dong go up in value?
Response to this: According to expert forecasts, the USD/VND rate will increase slightly to VND 22,900 per US$ in the fourth quarter of 2021; to VND 23,000 per US$ in the first quarter of 2022; to VND 23,100 per US$ in the second quarter of 2022; and VND23,200 per US$ in the third quarter of 2022.
People also ask, When was the Dong revalued in Vietnam?
The answer is: The two versions were unified when the country became one in 1978. The dong was revalued in September 1985 at a rate of 10 old dong to one new dong. The State Bank of Vietnam sets the reference rate for the value of the dong against the US dollar.
Is there a revaluation of the Vietnamese currency? The video here explains that there is a possible revaluation of the Vietnamese Currency, the Dong, abbreviated VND. However, it should be known that the currency of Vietnam has actually been devalued over the past few years. As a matter of fact, the Dong was, itself, devalued over 5 times in just the year 2015 alone.
Also Know, What is the currency code for Vietnamese dongs?
The currency code for Dongs is VND, and the currency symbol is ₫. Below, you’ll find Vietnamese Dong rates and a currency converter. Why are you interested in VND?