Market Confidence In Dong Deteriorating, Devaluation Next?

We now see strengthening signals that our bearish dong view is playing out as central bank governor Nguyen Van Giau has joined in Prime Minister Nguyen Tan Dung's efforts to shore up confidence in the currency and black market prices for dollars rise. Indeed, with recurring inflationary pressures weighing on confidence in the dong, we believe a devaluation is now approaching fast.

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