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Vietnam Boosting Exports

Vietnam Boosting ExportsVietnam Boosting Exports

The State Bank of Vietnam devalued the dong for the second time in seven months as regional currencies declined, seeking to support exports that have sustained the country’s economic growth. The central bank weakened its reference rate 1 percent to 21,458 dong a dollar, effective today, it said on its website. The dong is allowed to trade as much as 1 percent either side of the fixing. The currency fell 0.3 percent to 21,470 as of 11:43 a.m. in Hanoi, according to data compiled by Bloomberg, heading for its biggest drop since the currency was last devalued on June 19.

Financialtribune.com