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Deepin Moments: Worse than Sanctions, Vietnam Sells US Debt in Frenzy

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Deepin Moments
Oct 31, 2022

As a direct result of the consecutive interest rate hikes by the Federal Reserve, the VN30 index in Vietnam has fallen by more than 30% in six months. In addition to the significant decline in the stock market in the last six months, the exchange rate of the Vietnamese dong has also seen a large drop. In order to cope with the imminent crisis, Vietnam has recently raised interest rates by 100 basis points, but still could not stop the exchange rate from falling.

At the same time, overseas capital is rapidly withdrawing from Vietnam’s financial market, and in the last six months, foreign investors have sold off at least VND1260 trillion of their assets, which is more than five times the amount of last year.

Vietnam’s economy has been developing well in the past two years and Vietnam’s manufacturing industry has attracted many production lines that were originally located in mainland China, but this development process was more supported by foreign debt.

With the exchange rate of VND falling now and the dollar exchange rate rising to a 20-year high, the cost of servicing Vietnam’s foreign debts is getting bigger and bigger in the future.Show less

https://www.youtube.com/watch?v=ur81SUQbq0U

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