Below are some key impacts on many economic indicators & interest rates, exchange rates, and inflation in
Vietnam, let's analyze and discuss it a bit
1. Interest rates
• Increased pressure on domestic interest rates: When US bond yields rise, international investors
the economy will tend to shift capital to higher-yielding assets in the US, putting pressure on
capital outflows from emerging markets, including Vietnam. To keep capital in
or attract additional capital flows, Vietnam may have to raise domestic interest rates.
• The ability to continue tightening monetary policy: The State Bank of Vietnam may face pressure to maintain or raise interest rates to control the exchange rate and protect foreign exchange reserves.
This may increase borrowing costs in the economy, affecting activity
investment and consumption activity.
2. Exchange rates
• Pressure on the VND/USD exchange rate: When US bond yields rise, USD tends to
strengthening due to capital inflows to the US. This may put pressure on the exchange rate of
VND, causing VND to depreciate against USD.
• Increased foreign currency debt burden: When VND depreciates, businesses and the Government have
debts in USD will have to be repaid more in local currency. This increases pressure
financial costs and may reduce corporate profits, thereby affecting domestic economic activity.
3. Inflation
• Increased import prices: With VND depreciating, prices of imported products such as raw
materials, consumer goods, and fuel will rise, leading to imported inflationary pressure.
Rising production and domestic consumption costs may push inflation higher.
• The potential to reduce inflationary pressure due to reduced demand: However, if high interest rates cause
consumption and investment decline, pressure on inflation from the demand side may ease somewhat
any.
Summary
The rise in US bond yields significantly affects Vietnam, especially
in the context of Vietnam striving to control inflation and stabilize the macro economy. Vietnam may need to continue managing these moves, which may also slow down economic growth.
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