Bloomberg removes news on devaluation of the dong May 14, 2010

[great milenko]

VietFinanceNews.com - Yesterday afternoon, the news provider Bloomberg (www.bloomberg.com) removed the article titled "Vietnam may devalue Dong by 4 percent to support exports, SSI says" posted on May 10.


Instead of this, the firm updated SBV's announcement with the heading "Vietnam buys $1 billion, plans to keep dong stable" and the author of this article was also changed.

Till 5 pm (Vietnam time), BloombergBusinessweek (www.Businessweek.com), the publication of Bloomberg financial news firm, still kept the content of the first update.

Noticeably, in the second update, Bloomberg.com decided to remove the quotation from Saigon Securities Inc (SSI) as well as telephone interview with SSI's chair Nguyen Duy Hung.

At the same time, the chair also explained that his firm's statement on forex rate movement for the rest of 2010 quoted by Bloomberg actually was not complete because it [forecast] was offered in the report on prospect of the finance sector two months ago. That assessment concerned the forex rate movements of the whole year 2010 with a number of certain basis and did not imply any time of the movements particularly. He said "We [SSI] still maintained the assessment despite the foreign currency market was fairly stable over the past days".

This is the normal assessment on Vietnam's economic situation according to the point of view of our research group SSIResearch. SSI is not the only institution in Vietnam offering such a statement. He remarked that SSIResearch is independent of SSI's administration and when the product of SSIResearch did not aim to cause any negative affects to the market.

What did SSI Research base to release the statement that Vietnam may devalue Dong by 4 percent to support exports in 2010? The chair answered, this statement came from SSI Research's evaluation on export import situation and trade deficit of 2010. As estimated, the export turnover of 2010 will surge 12 percent, import spending up 15 percent, and trade deficit will be $1.1 billion, rising 37 percent against the previous year.

Mass media used our statement in different times, which we could not know, said Nguyen Duy Hung.

Yesterday SBV denied on devaluing dong four percent and the move did not aim to correct SSI's statement. Actually, SBV's deny could correct some rumours that contained similar points to SSI's. We have our own forecast on the domestic currency for the next time but SBV will have their personal steps to stabilise the market, according to Hung.

[jocko129]

thanks for the post