10:31 | 04/07/2016 Finance - Banking
The Ministry of Finance rules out major impact on Vietnam’s financial market following Brexit.
Brexit does not have immediate impact on Vietnam’s financial market - (Photo: tinnhanhchungkhoan.vn)
Speaking in a press conference last Saturday, the State Securities Commission representative said the VN Index fell 11 points after the referendum but it had recovered to 640 on Friday.
Deputy Director of Debt Management, Vo Huu Hien, said Vietnamese debt was 55% nominated in Vietnamese dong, 13% in Japanese Yen and 16% in US dollars.
He said the State Bank has made timely adjustment to handle any foreign exchange impact: “Timely policy adjustment will lessen impact on public debt. The Euro devalues 2.4% while Vietnam has 7% of debt in Euro, it's an advantage for us. The USD's value remains unchanged. This may offset appreciation in Japanese Yen when it comes to our debt equivalent to Vietnamese dong.”/.