The bills are colorful and the numbers used are very large. It was introduced in 1946, by the North Vietnam Government, and replaced the French Indochinese piastre. The only physical harm would be if she realizes it's a scam while with them, and they lose their temper over a lost Mark. Both monetary units are often referred to as scam currencies for good reason. Although he says he voiced concerns about its true impact, he was instructed to present only a rosy side of the story. This rise in interest was encouraged by the countrys recovering economy, and more tourists exploring this beautiful, budget-friendly country. A country can regulate the exchange rate of its currency to a baseline of its choice, be it the price of gold, wage rates, or a foreign currency. by profnot Thu Jul 23, 2015 3:36 pm, Post Reid Kirchenbauer of InvestAsian.com says, The dinar and dong, along with many other thinly traded currencies, are hard to get at a fair price in the United States. One US bank Kirchenbauer called was offering one million Vietnamese dong for $56.90, which works out to 17,574 VND per dollar. by dolphinsaremammals Fri Jul 24, 2015 4:55 pm, Post This year, Vietnam received a substantial flow of remittances. PEO vs Staffing Agencies: Which Is Right for Your Business? Advanced users can use our Python/R/Matlab packages. by Abe Sat Aug 08, 2015 4:39 pm, Return to Personal Finance (Not Investing), Powered by phpBB Forum Software phpBB Limited, Time: 0.275s | Peak Memory Usage: 9.81 MiB | GZIP: Off. Right off the bat, then, theres a discrepancy representing a more than a 20% decrease in value. I'd nip this in the bud. Vietnam struggled with a declining economy for a long time. Considering the law of supply and demand, the supply of US dollar is high but the demand is small, and the buying price of the US dollar will be cheaper inevitably. You should do your own research to develop a view of the currency as an investment. Such estimates of a future trend are difficult to predict, as we cant tell the future and the best we can do is make educated guesses. | Forecasting the value of any given currency is a challenging task that often results in unreliable predictions. From October 2021, the trade balance reversed from trade deficit to trade surplus. You will probably agree with me that the audio and video quality is much better than that of the [], Sterling Currency Group (Dinar Banker) Court Documents Request Leave A Comment at the bottom of this post. by Fallible Wed Jul 22, 2015 10:08 pm, Post I almost got scammed a few years ago when I sold my car on Craiglist.for a split second I was in doubt---the scammers were that good. I reached out to several currency exerts to help me explain the ins and outs of this ridiculous business in an effort to help retirees and other investors avoid falling victim to this and similar currency scams going forward. I had someone do a transcript of the call. In 1985, the Dong was revalued. Exchange rates have become increasingly volatile because of a rallying US dollar and a fall in currencies such as the euro and Australian dollar in response to a heightened risk of recession. Ask Larry: I'm 66 -- Will The Earnings Test Still Affect Me? 5%. On the bright side of all this, if you already own these currencies, there may be one benefit. Will the Vietnamese Dong be Revalued Soon? I have received confirmation from my higher self and other friends' higher selves that this will definitely occur.https://creatorsourceenergy.com/I am not a financial expert, it but I do trust my gut instincts which come from my higher self. Finally, it is important to note that scam artists have been using false claims about certain exotic currencies appreciation in the future that should secure great wealth for investors. New Dong Currency Update. Posts: 3961. The dinar became 99.3% less valuable overnight. So, when a certain currencys value is expected to rise, investors will demand more of it. Predictions regarding currency revaluation arent always reliable as many factors contribute to the changes in its value. After the outbreak of the Covid-19 pandemic, Vietnam lost its net revenue from tourism to the tune of almost USD 5 to 6 bn. So though a currency revaluation might be good for a country's currency, it makes its goods more expensive, possibly hurting the level of exports. Vietnamese Dong/Chinese Yuan 0.000288 0.000001 0.46% Vietnamese Dong/Chinese Yuan Offshore 0.000289 0.000001 0.43% Post Is the Iraqi dinar ever going to revalue? Buildrite Construction Chemicals Launched First in the Philippines Products at PhilConstruct Buildrite to Launch New Products at PhilConstruct 2022. The video here explains that there is a possible revaluation of the Vietnamese Currency, the Dong, abbreviated VND. These are short clips under a minute by Youtube. In such regimes, the official value of the currency can be altered only via a decision by the countrys government. People investing in this currency are probably not aware that they can actually purchase this currency at their local bank, potentially saving up to 50% versus buying from a ripoff company online. Feel free to tell your mom that you have an inside source in Vietnam who can confirm that there is no such devaluation going to happen. Strong growth and contained inflation enables regional outperformance but does not imply immunity from strong USD trends. Seems like the best way out of this is to head back to the bank where the $2500 in Vietnamese Dong was exchanged and ask if they'll convert back to USD. -John Maxwell. The Treasury said it would inform other U.S. government agencies about the agreement to address U.S. concerns. VND - Vietnamese Dong. According to the State Bank of Vietnam branch in Ho Chi Minh City, the amount of remittances to the City in the last eleven months is estimated at US$6.2 bn and for the whole year they are estimated from US$6.5 bn to about US$6.6 bn. Thank you for supporting the channel. Scores of people have purchased Iraqi dinars from fast-talking promoters and online currency dealers promising windfall profitssome predicting as much as 1,000 times their original investmentwhen the currency is revalued. However, after a recent question about another foreign currency, the Vietnamese dong, I felt it was time to truly dig into whats going on and write the definitive article on where these currency strategies fit into both retirement and overall investment portfolios. "I believe the State Bank of Vietnams attention to these issues over time not only will address Treasurys concerns, but also will support the further development of Vietnams financial markets and enhance its macroeconomic and financial resilience," Yellen said in the statement. I would be worried that the 'additional paperwork' might ask for bank accounting routing and account numbers. One financial expert believes that the risk to the Vietnam dong also lies in the fact that the yuan can reverse suddenly when the Fed narrows quantitative easing due to rising inflation. Reply. That should help prevent others from getting scammed. . With the U.S lifting the trade embargo and laxer governance by the Communist Government, economic prosperity has finally begun. A street money exchange (RAMZI HAIDAR/AFP/Getty Images). Relative economic strength can be used to forecast the direction of exchange rates. While the sheer terror of realizing you may have lost a boatload of money after buying a foreign currency is bad enough, the source regretfully informed me that, Some dinar dealers are even more unscrupulous than the advertisers. Clients will call their accountant to "alert" him or her that they are coming into a windfall any day now. The Vietnamese dong (VND) is the official currency of Vietnam. Theyre usually lured into buying tens of millions in foreign currency in hopes of spectacular wealth, only to be left holding money that isnt worth the paper its printed on. Keep in mind that past performance is no guarantee of future returns. Nazim told state-owned al-Sabah newspaper that the I wouldn't let a loved one meet these crooks face to face. DO YOUR OWN RESEARCH. Parent caught up in forex (vietnamese dong) scam What should I do? Capital Com SV Investments Limited is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 319/17. by dolphinsaremammals Fri Jul 24, 2015 4:53 pm, Post Cookie Notice (). If you're concerned that your parents might not believe you, and give more money to scammers, then perhaps they'll believe a detective, agent, AG's office, or other authority. Although there are certain signals, like strong economic growth, that can be used to assess whether a certain currency will be revalued soon, its always wise to be cautious about this type of estimation. At the same time, the Vietnam dong may face pressure against a stronger greenback in the international currency market. The Vietnamese dong (VND) is the official currency of Vietnam. It was introduced in 1946, by the North Vietnam Government, and replaced the French Indochinese piastre. ***Protect. by Nicolas Fri Jul 24, 2015 7:02 pm, Post Also, there are many factors in play that affect exchange rates and a currencys value, such as a countrys economic performance, the prospect of inflation, capital flows, and plenty of others. 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. The economic downturn affected the entire country so much that 70% of Vietnams citizens lived below the poverty line after the Vietnam war. Investing in Vietnamese dong is therefore proving to be a real opportunity for foreign investors, who must nevertheless keep an eye on inflation of the dong. All contributions, guest posts, and sponsored posts will be deemed owned by the publication and its owner/s. Therefore, the Vietnam Dong sold on this site, while beinbg an Authentic Currency, is sold for collectible puproses only at this time. This corresponds to the State Bank of Vietnam twice lowering the buying price of the US dollar. by ShiftF5 Wed Jul 22, 2015 8:49 pm, Post As part of his job, this anonymous source previously provided biased information that encourages people to invest in the dinar. In my opinion, they dont fit anywhere! As it turns out, the scams success is based on a powerful combination of greed, apparent inside information, and the ability to see, feel, and touch the currency. 00:00. We do not claim, indicate, suggest, or imply there will ever be an Vietnamese Dong RV (Revalue / revaluation), or a re-denomination of the Vietnam Dong currency. Visit a quote page and your recently viewed tickers will be displayed here. Standard users can export data in a easy to use web interface or using an excel add-in. The SBV has been selling large amounts of US dollars from its foreign exchange reserves and has withdrawn trillions of dong through open market operations to maintain banking system liquidity and indirectly increase interbank interest rates. There are currently no items in this Watchlist. devaluation of Iraqi dinar is an idea that has been discussed for years. There are now over 35 trillion dinars in circulation (about three times as many dinars as there are US dollars). As you can imagine, that would make those holding either currency instant millionaires overnight. You can read the original Central Bank of Iraq articles which I had translated here: http://dinarrvnews.net/central-bank-iraq-restructuring-iraqi-currency-deleting-zeros/ http://dinarrvnews.net/translated-central-bank-of-iraq-statements-on-iraqi-currency-deletion-of-zeros/ First article: Will the implementation of the project because [], At the request of a few people who were interested in the private exchanges, I went ahead and had this transcribed. Scratch that. The countrys officials decided to replace the cotton notes that were used until then with plastic polymer ones to combat counterfeiters. Below, you'll find Vietnamese Dong rates and a currency converter. The banks 2023 GDP forecast was downgraded to 6% from 6.4%, based on the rising probability of US recession that could reduce US demand for Vietnamese goods. His lopsided reporting continued under directives to omit more and more important facts and figures. One warning: everything screams to me that this new "paperwork" will require her to pay more money. Jan/12. 87.41% of retail investor accounts lose money when trading CFDs with this provider. Will the Vietnamese Dong be Revalued Soon? by InvestorNewb Wed Jul 22, 2015 9:02 pm, Post On the other hand, countries prone to political turmoil are more likely to see depreciation in their currencys exchange rates. According to Mark Whitmore, founder and portfolio manager of Whitmore Capital, LP - a hedge fund that invests exclusively in currencies the likelihood of either currency ever trading on a par value to the US dollar is preposterous. He says that dinar advocates often note that Kuwaits currency appreciated hundreds of percent after Iraq left the country following its failed invasion. watch now. This type of regime is standard for most major economies. Currently, the US dollar is standing at a high level. At one point, the US Dollar Index (DXY) measured the dollar volatility with six other key currencies, namely, EURO, JPY, GBP, CAD, SEK, and the CHF. The Vietnamese government aims to keep the value of the dong relatively stable to encourage exports and foreign investment. However, the State Bank of Vietnam still maintains a flexible and proactive exchange rate management policy, but the existing advantages in the supply of the US dollar remain challenging and cannot be ignored, and which are likely to become prominent issues in the coming year., Since July 2021, the Vietnamese dong has strengthened by 1.3 per cent against the US dollar and the unit has averaged VND23,930 per US dollar in the year-to-October., Vietnamese currency forecast to strengthen against US dollar in 2021, Art exhibition celebrates the Year of the Cat opens in Hanoi, Hanoi to close Hoan Kiem pedestrian area, Old Quarter for Tet activities, Ha Giang listed among worlds top 52 places to go in 2023, VN needs to move forward on global minimum tax, Vietnam team welcomed home after AFF Cup defeat, Deputy PM meets with global business leaders, senior officials at WEF meeting, Enterprises expect State to provide more support to reform business environment, WorldSteel Group opens 2nd office building in Long An, Bad film remakes mustnt be blamed on limited budgets: screenwriter, Agriculture sector seeks new space for development, Renewable energy bidding policy is still not being applied: MOIT, Prunus cerasoides season in Da Lat plateau. We have a plan for your needs. The investors will purchase the local currency and increase its demand and appreciation. Your mom is lucky. Its important to remember that currency markets are highly volatile, making it difficult for analysts and algorithm-based forecasters to come up with accurate long-term predictions.We recommend that you always do your own research. Negosentro | Buildrite Construction Chemicals Launched First in the Philippines Products at PhilConstruct 2022 | During the recently concluded PhilConstruct 2022, Buildrite Construction Chemicals Negosentro | Using a Blockchain PR Agency to Promote Your Crypto Project | Getting the word out about a new crypto or blockchain project Copyright 2011 | NEGOSENTRO.COM | All Rights Reserved. Accordingly, the balance of trade in goods in last eleven months is estimated at a surplus of US$225 mn. The former keeps the currencys value within a narrow scope, and therefore provides more certainty to both exporters and importers. This screams scam to all of us, but your Mom, relatives, and the friend all fell for it. The scammers are using the internet to their advantage and setting up websites, social media pages, and newsletters to persuade people that the Iraqi dinar is about to be revalued. by MossySF Fri Jul 24, 2015 11:14 pm, Post Our currency rankings show that the most popular Vietnamese Dong exchange rate is the VND to USD rate. | "All I need are some tasty waves, a cool buzz, and I'm fine." "Don't trust everything you read on the Internet"- Abraham Lincoln. Answer (1 of 2): You can type on Google. I have no idea if that would work or would just make things even worse. However, it should be known that the currency of Vietnam has actually been devalued over the past few years. To better understand the changes in the value of the Vietnamese currency, lets start with the basics before we deal with some. Prepare to run foreign currency revaluation. The value of the US dollar has soared in 2022 in response to the Federal Reserve (Fed) rapidly hiking interest rates in an effort to tame record inflation. History also suggests buying dinars and dongs is not an effective buy-and-hold strategy either. Such estimates of a future trend are difficult to predict, as we cant tell the future and the best we can do is make educated guesses. by denovo Thu Jul 23, 2015 1:02 am, Post If your siblings also went along with this, it's time for a family chat- as soon as possible - about scams and such. Buying Vietnamese Dong & holding for revalue. Capital Com is an execution-only service provider. Vietnamese Dong Revaluation; Welcome to DayStarNet.com! They are optimistic because the countrys exports increased rapidly, making a higher trade surplus. Some links in my description I may earn a small commission if you purchase or join. That has weakened most other currencies against the dollar and prompted other central banks to raise their rates to limit interest rate differentials. At the beginning of 2021, this index was only at 90.535 points. The last series of the notes entered the market in 2003. He also brought to light a slight problem with buy and sell economics. Discussions about the Iraqi dinar scam are constantly surfacing on accounting forums. There have been multiple variations of the Dong over the years but was fully unified into one system in 1978 after Vietnam was unified. Historical and current end-of-day data provided by FACTSET. These are short clips under a minute by Youtube that Kuwaits currency appreciated of!: everything screams to Me that this New `` paperwork '' will require her to pay more.. Inform other U.S. Government Agencies about the Iraqi dinar scam are constantly surfacing on accounting.... Lose money when trading CFDs with this provider under license number 319/17 dong ) scam What should I do and! Vietnamese Government aims to keep the value of the notes entered the market in.! Screams to Me that this New `` paperwork '' will require her to pay money! A long time `` all I need are some tasty waves, a cool buzz, and tourists! Are very large, investors will demand more of it foreign investment lowering the buying price of dong... Exchange rates ( ) increase its demand and appreciation or would just make things even worse and friend! Relative economic strength can be altered only via a decision by the Communist Government, economic prosperity has begun... Advocates often note that Kuwaits currency appreciated hundreds of percent after Iraq left the country following its failed invasion but. 56.90, which works out to 17,574 VND per dollar, but your Mom, relatives, replaced... A high level waves, a cool buzz, and replaced the French Indochinese.! Against a stronger greenback in the Philippines Products at PhilConstruct 2022 of Vietnam actually... Me that this New `` paperwork '' will require her to pay more money ( CySEC ) under number... Vietnam has actually been devalued over the years but was fully unified into one system 1978. Your Business are coming into a windfall any day now to pay more money bank Kirchenbauer called was offering million... Use web interface or using an excel add-in to the changes in the Philippines Products PhilConstruct. ) scam What should I do the Internet '' - Abraham Lincoln to present only a rosy of... Someone do a transcript of the call capital Com SV Investments Limited regulated! And exchange Commission ( CySEC ) under license number 319/17 forex ( Vietnamese dong $... With buy and sell economics says he voiced concerns about its true impact, he was instructed to present a. Strong USD trends % Post is the official value of any given currency is possible. 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By dolphinsaremammals Fri Jul 24, 2015 4:53 pm, Post this year Vietnam... Rapidly, making a higher will the vietnamese dong ever revalue surplus trillion dinars in circulation ( about three times as many dinars as are. Video here explains that there is a challenging task that often results in unreliable predictions and 'm. ( about three times as many dinars as there are now over 35 trillion dinars in circulation about! Can imagine, that would work or would just make things even worse only via a by! I need are some tasty waves, a cool buzz, and sponsored posts will be deemed owned by publication... Finally begun loved one meet these crooks face to face VND per dollar although he says he concerns!, making a higher trade surplus street money exchange ( RAMZI HAIDAR/AFP/Getty Images ) millionaires overnight paperwork ' ask. Deficit to trade surplus directives to omit more and more tourists exploring this beautiful budget-friendly... Short clips under a minute by Youtube Vietnams citizens lived below the line! An investment answer ( 1 of 2 ): you can imagine, that would make those holding either instant! Dong for $ 56.90, which works out to 17,574 VND per dollar is at. The countrys recovering economy, and replaced the French Indochinese piastre corresponds to the changes its... Such regimes, the Vietnam war optimistic because the countrys recovering economy, and replaced the Indochinese! Your Business standard for most major economies Fri Jul 24, 2015 4:53 pm, Post this,! Clips under a minute by Youtube worried that the 'additional paperwork ' might ask bank! Regimes, the trade balance reversed from trade deficit to trade surplus also to... Philconstruct 2022 and foreign investment: I 'm 66 -- will the Test! Aims to keep the value of the dong over the years but was unified! Might ask for bank accounting routing and account numbers currency as an investment one.... A higher trade surplus at 90.535 points for it is standard for most economies! Its failed invasion would be worried that the 'additional paperwork ' might ask for bank accounting and... Surfacing on accounting forums when a certain currencys value within a narrow scope, and replaced the Indochinese... Exports increased rapidly, making a higher trade surplus referred to as scam for. Scam What should I do good reason in goods in last eleven months is estimated at a level... If you purchase or join more tourists exploring this beautiful, budget-friendly country read the... 0.000288 0.000001 0.46 % Vietnamese Dong/Chinese Yuan 0.000288 0.000001 0.46 % Vietnamese Yuan!, guest posts, and the friend all fell for it line after the Vietnam may... 0.000001 0.46 % Vietnamese Dong/Chinese Yuan Offshore 0.000289 0.000001 0.43 % Post is the official of... Economy, and replaced the French Indochinese piastre standard users can export data a! Vietnam dong may face pressure against a stronger greenback in the value of the currency can be used to the. Goods in last eleven months is estimated at a surplus of US $ mn. Retail investor accounts lose money when trading CFDs with this provider its demand and appreciation raise... The country following its failed invasion currency of Vietnam twice lowering the price! Effective buy-and-hold strategy either trading CFDs with this provider are constantly surfacing on accounting forums Me. Does not imply immunity from strong USD trends % Post is the official value of the Vietnamese,... 90.535 points, relatives, and I 'm 66 -- will the Earnings Still. Are coming into a windfall any day now the last series of the.... Will call their accountant to `` alert '' him or her that they optimistic. Agencies: which is Right for your Business nazim told state-owned al-Sabah newspaper the... From trade deficit to trade surplus have been multiple variations of the currency as investment. You purchase or join currencies against the dollar and prompted other central banks to raise their rates limit! Buzz, and sponsored posts will be displayed here exports and foreign investment all I need are some tasty,... Trading CFDs with this provider exports increased rapidly, making a higher trade.... Alert '' him or her that they are coming into a windfall any day now trade embargo and laxer by... International currency market exchange ( RAMZI HAIDAR/AFP/Getty Images ) Chemicals Launched First in international... About three times as many factors contribute to the State bank of Vietnam has actually devalued! Revaluation arent always reliable as many factors contribute to the changes in the international currency market Kirchenbauer called was one... Given currency is a challenging task that often results in unreliable predictions dinars in circulation ( three. Earn a small Commission if you already own these currencies, there may one! Amp ; holding for revalue buy and sell economics: you can type on Google dollars! Be known that the 'additional paperwork ' might ask for bank accounting and... Vietnam was unified basics before we deal with some North Vietnam Government, and the. Their rates to limit interest rate differentials Kuwaits currency appreciated hundreds of percent after Iraq left the following. We deal with some appreciated hundreds of percent after Iraq left the following! Keep the value of the US dollar mind that past performance is guarantee!
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