Vietnamese Dong Devaluation: Securing the Future with a Weaker Currency?
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Case Details:
Case Code : ECON032
Case Length : 15 Pages
Period : 2010
Pub. Date : 2011
Teaching Note : Available
Organization : -
Industry : -
Countries : Vietnam
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts Contd...
Dong Devaluation - Will it Work?
“In the context of uncertain exports, falling foreign currency reserves, rising trade gap, inflation, dong devaluation, and pressure of exchange rate adjustment, stabilizing the macro economy will face great challenges.”1
– Ha Van Hien, Chairman of the Economic Committee of National Assembly (ECNA)2, in 2010.
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Experts pointed out that history had shown that currency devaluation had most often yielded positive results, but it was not necessary that the results would be evident immediately after the devaluation. It might take months, or even a year, like in the case of Mexico which showed a trade surplus of US$7.4 billion in 1995, as exports amounted to US$80 billion and imports US$73 billion.
In the five years between 1990 and 1994, Mexico’s trade balance was in surplus.3 The 1997 baht devaluation did not boost the value of Thailand’s exports instantly due to the Asian financial crisis...
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Exhibits
Exhibit I: Dong Devaluation and Interest Rates Rise to Combat Trade Deficit and
Inflation
Exhibit II: India’s Tryst with Devaluation
Exhibit III: Devaluation: The Mexican Saga
Exhibit IV: Thai Baht Devaluation and Scripting an Economic History
Exhibit V: The English Experience
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