Monetary market continues to be stable in 2007

Talking with the press in Ha Noi on Jan. 10, SBV Governor Le Duc Thuy also noted that the international monetary market will leave lesser impacts on local market in this year than it did in the last two consecutive years.

The SBV forecast that credits would post a growth rate of between 20-21 percent in 2007 and the Vietnamese dong would not be further devalued thanks to a dynamic economy and increasing supply of hard currencies.

Based on its forecast, the SBV said it will continue to pursue a careful but flexible monetary policy in order to keep inflation below growth rate as set forth by the National Assembly.

Viet Nam, in accordance with its commitments to the World Trade Organisation, has allowed foreign banks to establish subsidiary banks in the country, a move that will make the financial-banking market more active.

Governor Thuy said the SBV has already received 10 applications for opening branches, representative offices and wholly-foreign owned banks from giant financial-banking groups around the world.

Source: Vietnam News Agency, 15/01/2007