Vietnam seeks no unfair trade advantage: central bank

Vietnam’s central bank has said it is ready to sell dollars to shore up the dong if needed.

As China rises up the value chain, where do its old low-quality technologies and machinery and the products they produce go?

The official exchange rate between Vietnamese dong and U.S. dollar reached its highest this year Wednesday, and  experts said the dong could depreciate further.

The dong has fallen against the U.S. dollar with the exchange rate hitting the lowest in years, but the central bank said the rate is “under control.”

With U.S.-China trade spat showing no sign of ending soon, experts say it is time for Vietnam to take preventive action.

The State Bank says there is no cause for alarm despite some pressure over the past week.

Vietnam’s central bank has allowed lenders to resume offering dollar loans for short-term purposes to certain exporters in an attempt to boost the economy.