Bureau Chief, Vietnam
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Feb 22, 2011

Vietnam keeps tightening, raises another key rate

HANOI, Feb 22 (Reuters) – Vietnam raised another key
interest rate on Tuesday in what economists said was a fresh
sign that the authorities were serious about countering
inflationary pressures that appeared set to worsen.

The State Bank of Vietnam (SBV) lifted the reverse repo
rate, which it uses for seven-day open market operations, to 12
percent after holding it at 11 percent since Jan. 10, central
bank data SBVOMO2011 showed.

Feb 17, 2011

Vietnam raises refinance rate 200 bps to 11 pct

HANOI, Feb 17 (Reuters) – Vietnam’s central bank raised a
key interest rate on Thursday in an attempt to answer growing
calls for concrete steps to curb double-digit inflation after
the bank devalued the currency last week.

The State Bank of Vietnam (SBV) increased the refinance rate
by 200 basis points to 11 percent while keeping the base rate,
which served as the benchmark until recently, unchanged at 9
percent and the discount rate at 7 percent.

Feb 11, 2011

Vietnam devalues dong again in step to alleviate woes

HANOI, Feb 11 (Reuters) – Vietnam devalued its beleaguered
currency on Friday for the third time in a year, as authorities
start to try to address festering economic problems that critics
say have been brushed aside in the pursuit of growth.

The State Bank of Vietnam dropped the dong’s reference rate
by 8.5 percent against the dollar and narrowed the
currency’s trading band to 1 percent from 3 percent on either
side of that midpoint rate.

Jan 19, 2011

Vietnam PM set for second term as Politburo unveiled

HANOI (Reuters) – Vietnamese Prime Minister Nguyen Tan Dung was reappointed to the ruling Communist Party’s Politburo on Wednesday, paving the way for him to serve a second term and make good on his pledge to stabilise the economy.

Dung has presided over five years of robust economic expansion that averaged at 7 percent a year, but the Vietnamese leaders came under criticism that they allowed big imbalances to build up in the $100 billion economy in their pursuit of rapid growth.

Jan 19, 2011

Vietnam PM Dung survives to see likely second term

HANOI (Reuters) – When Vietnam’s massive state shipbuilder Vinashin nearly collapsed last year in a scandal that triggered credit rating downgrades, a barrage of criticism flew toward Prime Minister Nguyen Tan Dung.

But it didn’t stick.

On Wednesday, the ambitious 61-year-old political survivor was re-appointed to the ruling Communist Party’s elite Politburo in a step that diplomats, party sources and analysts said paves the way for him to serve a second term as prime minister.

Jan 18, 2011

Vietnam reshuffles leaders, but policy seen consistent

HANOI (Reuters) – A third of the ruling Communist Party’s 15-man Politburo in Vietnam stepped down at a five-yearly congress on Tuesday, part of a reshuffle that will bring new, younger faces into the ageing leadership.

At the first meeting of a newly elected Central Committee, Nguyen Phu Trong, an ideologue who heads parliament, was elected to the party’s top post, general secretary, a source with knowledge of the vote said on condition of anonymity.

Jan 18, 2011

Third of Vietnam Politburo steps down in reshuffle

HANOI (Reuters) – A third of Vietnam’s ruling Communist Party’s 15-man Politburo stepped down at a five-yearly congress on Tuesday, part of a reshuffle that could bring new, younger faces into Vietnam’s aging leadership. Prime Minister Nguyen Tan Dung was re-elected, as expected, to the policy-making Central Committee, made up of the party’s top 175 officials.

But it was unclear whether he would end up with more power when full results from the closed-door gathering are due to be announced on Wednesday, including the composition of an expanded 17-member Politburo and the General Secretary.

Jan 18, 2011

Vietnam to reshuffle leaders but bold reforms elusive

HANOI (Reuters) – Vietnam’s ruling Communist Party will reshuffle its leaders on Tuesday at a secretive conclave to

set the policy tone in one of the world’s fastest-growing frontier markets.

Jan 17, 2011

As Vietnam booms, Communist Party struggles to keep up

HANOI (Reuters) – Vietnam’s ruling Communists are replenishing their aging ranks with younger, better-educated policymakers and entrepreneurs as the 81-year-old party founded by Marxist revolutionary Ho Chi Minh struggles to stay relevant.

The party will select a new policy-making Central Committee on Monday that is likely to be stacked with younger faces, and they vote this week on a test scheme to admit entrepreneurs into the country’s stodgy socialist bureaucracy.

Jan 13, 2011

Special Report: Vietnam’s capitalist roaders follow China trail

HO CHI MINH CITY, Vietnam (Reuters), Jan 13 – Nguyen Duc Tai was on a mission one sweltering January morning in Vietnam’s commercial capital, Ho Chi Minh City.

Flush with cash from his annual bonus, he wanted to buy his wife a new mobile phone, a gift for the coming Tet lunar new year holidays. In a county where the average annual income is about $1,100, a good phone is a big investment. Tai wanted to make the right choice with his 5 million dong ($250).