It’s never any harm to broaden the mind so let’s have a look at what’s happening in Vietnam currently. I’m not saying this is relevant to the rest of the developed world but it is nonetheless interesting to see how these developing Asian economies operate
- Interest rates are currently around 23%
- A further devaluation in the Dong is expected in the next few months
- There are 4 currencies in Vietnam, in the following order of importance: USD, Gold, Property, Dong
- If you want to buy property in Vietnam, you will normally pay in Gold
- Vietnam is the world’s second largest importer of Gold
- Gold makes up over 20% of all monetary transactions
- Foreign Exchange regulations mean that Vietnamese residents aren’t supposed to trade FX
If any of these ‘facts’ are in dispute, please advise, or if you have anything else of interest to add, then please do so.
