Or to quote Larsen E. Whipsnade (WC Fields), when he passed along advice given by his grandfather (just before they sprung the trap): I had a cousin who was in to this only it was the Iraqi dinar. However, it should be known that the currency of Vietnam has actually been devalued over the past few years. Vietnam struggled with a declining economy for a long time. As it turns out, the scams success is based on a powerful combination of greed, apparent inside information, and the ability to see, feel, and touch the currency. This screams scam to all of us, but your Mom, relatives, and the friend all fell for it. Shudder just thinking about it. by IPer Thu Jul 23, 2015 6:57 am, Post Will the Vietnamese dong ever revalue? All factors that seem to make investing in either of them a very credible and enticing opportunity to outsmart Wall Street, best fellow investors, and get rich quick by uncovering secrets the government doesnt want us to know. Will Vietnamese Dong increase in value? Your mom is lucky. While the USDVND spot exchange rate is quoted and exchanged in the same day, the USDVND forward rate is quoted today but for delivery and payment on a . $2500 isnt that much to get scammed. The unofficial black market exchanges were trading Kuwait dinar at huge discounts to individuals who panicked thinking that Kuwait could be annexed by Iraq and Kuwaits currency might be abolished. As it turned out, there was no revaluation and, thus, no basis for the kind of "relief rally" that would-be sellers suggest will eventually happen. As a matter of fact, the. interest of the countrys economy. Keep in mind that past performance is no guarantee of future returns. -0.00001. Negosentro is very much open to accept article contributions on entrepreneurship, tech, lifestyle, travel, health and resources on a broad sense. But bad predictions werent limited to exotic currencies only. Learn also about the latest attempts on Putin and by whom. Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. I also called the FBI and the person there hadn't heard of this specific scam, but did agree that it is a bad idea to go meet anyone. 87.41% of retail investor accounts lose money when trading CFDs with this provider. | Forecasting the value of any given currency is a challenging task that often results in unreliable predictions. Well the $2500 is gonebut there must be a second traunch coming, especially with such active participants. by ralph124cf Wed Jul 22, 2015 8:25 pm, Post This was all done via mail, too.with a fake money order that looked like any valid Money Order that I've ever seen. Countless warnings and blood soaked war stories are prevalent online, but to my surprise investors continue to fall for it, throwing good money at a very bad idea. by greg24 Fri Aug 07, 2015 4:28 pm, Post Inflation in recent years has also been well controlled, reinforcing confidence in the Vietnamese dong. Although he says he voiced concerns about its true impact, he was instructed to present only a rosy side of the story. by dolphinsaremammals Fri Jul 24, 2015 4:53 pm, Post When you run the revaluation process, the balance in each bank account that is posted in a foreign currency will be revalued. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. Start working with the reports used by the worlds major financial institutions, multinational enterprises & government agencies now. Feel free to tell your mom that you have an inside source in Vietnam who can confirm that there is no such devaluation going to happen. Yes, very nice for foreigners. by profnot Thu Jul 23, 2015 3:36 pm, Post A trade surplus and moves by the State Bank of Vietnam (SBV) have supported the dong against other currencies such as the euro (EUR), which is facing its own pressures stemming from the Russia-Ukraine conflict and an economic slowdown. The HSBC research team predicts that in 2022, the USD/VND exchange rate will reverse to VND 23,000 per US$. by denovo Thu Jul 23, 2015 1:02 am, Post Opinions expressed by Forbes Contributors are their own. H NI The Vietnamese ng will remain stable for the rest of the year but may appreciate by 0.5 per cent in 2021, VNDirect Securities Corp forecast."The VN may move within the range of 0.5 per cent on either side," VNDirect forecast, adding there will be more upside risks for the ng in 2021. Copyrights 2023 All Rights Reserved by Assets assistant Inc. Producers and traders now benefit from a low interest rate on their loans and an increasing deposit rate. Vietnamese Dong. Below, you'll find Vietnamese Dong rates and a currency converter. I want to help emerging economies anyway I can. 1. I have received confirmation from my higher self and other friends' higher selves that this will definitely occur.https://creatorsourceenergy.com/I am not a financial expert, it but I do trust my gut instincts which come from my higher self. Answer (1 of 2): You can type on Google. -Jeff Spicoli. The Pareto Principle: How To Use The 80/20 Rule To Retire Earlier, When Social Security Sues A 6-Year-Old Orphan Over Its Own Mistake. As it turns out, the scams success is based on a powerful combination of greed, apparent inside information, and the ability to see, feel, and touch the currency. However, it should be known that the currency of Vietnam has actually been devalued over the past few years. The Vietnamese dong is expected to remain strong in 2021. We create and curate the best articles that will help Asians achieve financial independence. I have no idea if that would work or would just make things even worse. Its important to remember that currency markets are highly volatile, making it difficult for analysts and algorithm-based forecasters to come up with accurate long-term predictions.We recommend that you always do your own research. The expectation is also there that the US Federal Reserve (Fed) will tighten monetary policy, and raise interest rates. My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest). Today, Vietnam is a part of the globalized world market, and its export-oriented manufacturing and domestic demand are the main drivers of growth. The official exchange rate between the Kuwaiti dinar and the US dollar never fluctuated even 10%, he said. Nicolas. Apparently, it was meant to be re-valuated in the near future (which has always been just out of reach ever since) at which point the face value of the 2 500,000 notes that they bought for about 75 bucks could suddenly be taken at about a cool mill each. He said that the former government did not dare to take this Vietnam sighs with relief from the United States decision on being labeled as a currency manipulator in December 2020. VNDZAR. A couple months ago my mom called and told about an "investment opportunity" that she had already put her money in, and didn't want me to miss out (or any of my siblings, some of which had already put their money in too). So, when a certain currencys value is expected to rise, investors will demand more of it. In such regimes, the official value of the currency can be altered only via a decision by the countrys government. Following are currency exchange calculator and the details of exchange rates between U.S. Dollar (USD) and Vietnamese dong (VND). by Caduceus Sat Jul 25, 2015 7:19 am, Post It's possible they'll take it back for ~15% fee which means instead of being out the full $2500, it's a loss of $250-$500. The current documents are available from Pacer via this link https://ecf.gand.uscourts.gov/cgi-bin/mobile_query.pl?search=dktEntry&caseid=218667&caseNum=1:15-cv-02677-LMMyou must be REGISTERED to access them. The value of the Vietnamese dong against the US dollar gradually declined from the 2014 devaluation, when it was trading around 21,000, to around 23,600 in March 2020as investors sought the safe haven of the USD at the start of the Covid-19 pandemic. . By 2020, something unexpected happened when the Vietnam dong increased slightly by 0.2% against the US dollar. Following the SBVs net withdrawal, the overnight interbank interest rate rose by 40 basis points (bps) to 4.9% last week. If banks in the US choose to trade them, they make the spreads very wide so that they can make a large enough profit to justify the potential holding period., Scott Smith, Senior Market Analyst for Cambridge Global Payments highlighted another reality facing investors in these currencies. Unless I had law enforcement watching my back. Investing in Vietnamese dong is therefore proving to be a real opportunity for foreign investors, who must nevertheless keep an eye on inflation of the dong. by pierremonfrere Wed Jul 22, 2015 8:15 pm, Post Accordingly, the strong trend of the Vietnamese dong against the US dollar will continue to be maintained for the rest of 2021. Historical and current end-of-day data provided by FACTSET. Re: VND Revalued. Help us push digipreneurship. I had someone do a transcript of the call. http://www.forbes.com/sites/robertlaura mese-dong/. There's a gap between how a . Again, laws of supply and demand say that dramatically increasing the supply of something will drive down its inherent value. The State Bank of Vietnam sets the reference rate for the value of the dong against the US dollar. Analysts at Japanese financial services firm Mizuho expected the US dollar to remain strong against emerging market currencies: Mizuhos Vietnamese dong forecast for 2022 indicates that the USD/VND pair could trade in a 23,300-24,200 range during the fourth quarter and end the year at 23,700. All quotes are in local exchange time. Foreign investors amount reached US$26.46 bn, up by 0.1% over the same period last year, while realized FDI capital in last eleven months is estimated at US$17.1 bn. And never invest money that you cannot afford to lose. I just saw the whole thing about going to do anther state, now it's a safety issue too. Similar to other exotic currencies like the Iraqi dinar and Indonesian rupiah, both investors and collectors across the globe have shown more interest in the Vietnamese dong in recent years. At the session on 3 December, the DXY index continued to hold at a high level of 96.15 points. I tried to tell him it was a scam but was not successful. by mhalley Thu Jul 23, 2015 3:41 am, Post While the USDVND spot exchange rate is quoted and exchanged in the same day, the USDVND forward rate is quoted today but for delivery and payment on a specific future date. The Vietnamese Dong was first introduced in 1946, replacing the piastre of French Indochina. -John Maxwell. I would email the scammers back on your Mom's behalf and tell the that you will be reporting them to local law enforcement and the FBI and also monitoring her email and that any further communication from them will be forwarded directly to the authorities. It follows a sharp rise in US interest rates and weakening global demand prospects, which have increased the risk of capital outflows and contributed to downward pressure on the Vietnamese dong, although the currency has weakened by less against the US dollar than many other APAC currencies this year,. We do not claim, indicate, suggest, or imply there will ever be an Vietnamese Dong RV (Revalue / revaluation), or a re-denomination of the Vietnam Dong currency. Create a list of the investments you want to track. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense." Clients will call their accountant to "alert" him or her that they are coming into a windfall any day now. The material provided on this website is for information purposes only and should not be understood as an investment advice. This makes the purchase of foreign goods in foreign currencies less expensive to domestic importers. I reached out to several currency exerts to help me explain the ins and outs of this ridiculous business in an effort to help retirees and other investors avoid falling victim to this and similar currency scams going forward. SULAIMANI Spokesperson for Iraq's federal government They are optimistic because the countrys exports increased rapidly, making a higher trade surplus. After WWII, North and South Vietnam replaced the French Indochinese piastre with the North Vietnamese dong and the South Vietnamese dong. The Treasury said it would inform other U.S. government agencies about the agreement to address U.S. concerns. Consistently sets low goals and fails to achieve them. Capital Com SV Investments Limited, company Registration Number: 354252, registered address: 28 Octovriou 237, Lophitis Business Center II, 6th floor, 3035, Limassol, Cyprus. and get more in-depth about this exotic currency. Negosentro is open to advertisers. For the best MarketWatch.com experience, please update to a modern browser. We offer competitive exchange rates and 0% commission on foreign currency. The direction of the dong could depend on the strength of the US dollar, how demand for exports from Vietnam are affected by a slowing global economy, and monetary policy in Vietnam, among other factors. Will the Vietnamese Dong be Revalued Soon? Also propping up this bad strategy are the media sources reaping big advertising dollars from dealers in dinar and other exotic currencies for stories that support the idea that these securities will revalue, and soon. The unrealized gain or loss transactions that are created during the revaluation process are system-generated. Prepare to run foreign currency revaluation. At one point, the US Dollar Index (DXY) measured the dollar volatility with six other key currencies, namely, EURO, JPY, GBP, CAD, SEK, and the CHF. Since 2001, the Vietnam dong has always depreciated against the US dollar in nominal terms, averaging about 2.5% per year. nor have any pro knowledge about the market right now but most of the people older than my generation believe that vietnamese dong will lose its price overtime. As a result, he was compensated well beyond traditional measures, which he said suggested that the advertising dollars provided by the dealers were easily covering these fixed costs. This year, Vietnam received a substantial flow of remittances. Investors can not only hold them, but also show their spouse, friends and even fold them up and put them in their wallets. Predictions regarding the Iraqi dinar are a good example. All contributions, guest posts, and sponsored posts will be deemed owned by the publication and its owner/s. The last series of the notes entered the market in 2003. The USDVND spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the VND. Tue, Dec 22 2020 2:50 AM EST. by obgyn65 Thu Jul 23, 2015 3:43 am, Post The Vietnamese economy has benefited from a shift in manufacturing out of China in response to the US-China trade war in recent years, increasing its exports of electronics, clothing and furniture. You might try the FBI, but this sounds a lot like the old Nigerian scam of laundering money for the prince. One US bank Kirchenbauer called was offering one million Vietnamese dong for $56.90, which works out to 17,574 VND per dollar. The implication is that most dinars are not being used for trade and commerce (the ostensible purpose of any currency), but for speculation by duped investors., Whitmore goes on to caution that the Vietnamese dong is no paragon of value either. by corn18 Thu Jul 23, 2015 7:11 am, Post The appeal to most unknowing investors is the expectation that these currencies will be revalued on a dollar-for-dollar basis with the US dollar. Visit a quote page and your recently viewed tickers will be displayed here. I wouldn't let a loved one meet these crooks face to face. watch now. by spectec Thu Jul 23, 2015 6:46 am, Post Watch out. How old is your mother? by pierremonfrere Thu Jul 23, 2015 6:45 pm, Post Share. In my opinion, they dont fit anywhere! On a national scale, the World Bank and the international cooperation organization on migrants KNOMAD, forecast that the amount of remittances to Vietnam in 2021 will be US$18.1 bn, ranking 8th in the world and third in the Asia-Pacific region. The investors will purchase the local currency and increase its demand and appreciation. Forecasting the value of any given currency is a challenging task that often results in unreliable predictions. I just wanted to get this transcript of the 2 [], I was invited, or more like urged to be on the Wingit Call on 10/25/2016. Use the training services of our company to understand the risks before you start operations. Will the Vietnamese Dong be Revalued Soon? If you rely on the information on this page then you do so entirely on your own risk. by barnaclebob Wed Jul 22, 2015 9:26 pm, Post by JW-Retired Wed Jul 22, 2015 8:53 pm, Post Those who follow news about Vietnam are familiar with the relocation of manufacturing facilities from China which is expected to encourage economic growth despite the uncertainties that the COVID-19 pandemic has caused. Did she ever receive any bills for service? This currency entered the South area six years later, in 1953. What affects the Vietnamese dongs value? There are no signs that Iraq may revalue the dinar in the immediate future. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. It was designed to She got off easy. Have Watchlists? The dong (Vietnamese: ng, Ch Nm: ) (/ d /; Vietnamese: [wm]; sign: or informally in Vietnamese; code: VND) has been the currency of Vietnam since 3 May 1978. You may opt-out by. In fact, the most compelling part of situation is that both the Iraqi and Vietnamese currencies are legitimate and tangible. Dave Schmidt Transcript of Live Call 11-30-2016, Benefits of Dropping Zeros From The Iraqi Dinar, Central Bank of Iraq Delete Zeros Off IQD Early 2017 Arabic News, Transcript Private Currency Exchanges Dave Schmidt LiveStream October 26 2016, Nick And TNTBS on Wingit Call Transcript and Video October 28 2016, Sterling Currency Group Dinar Banker Court Documents Update. Ask Larry: Do I Need To File And Suspend My Social Security at 66? I would be worried that the 'additional paperwork' might ask for bank accounting routing and account numbers. Such estimates of a future trend are difficult to predict, as we cant tell the future and the best we can do is make educated guesses. It can be seen that despite having many advantages, the pressure on the US$ exchange rate is not small, because the trade surplus this year is very low. Federal Budget Law to 1,450 Iraqi dinars per US dollar. by Bhawks Fri Aug 07, 2015 11:03 am, Post Iraq has increased the amount of dinars in circulation well over a thousand-fold and, ironically, over 80% of these dinars exist outside of Iraq, where they are generally not convertible! The USD/VND exchange rate on the inter-bank market has fallen sharply twice, to VND22,750 per US dollar in August and to VND22,650 per US dollar in early November. For 2016, the panel projects the dong to trade at 22,108 per USD. Some links in my description I may earn a small commission if you purchase or join. by Sheepdog Thu Jul 23, 2015 4:21 pm, Post In my opinion, they dont fit anywhere! With transaction fees and spreads included, one would have lost money if they bought either the dong or dinar 10 years ago. The countrys economic recovery, the strengthening of the Chinese yuan, and the U.S. expansionary monetary policy are predicted to keep the exchange rates of this exotic currency steady. Philip Wee of DBS Bank discusses how the Vietnamese dong and Chinese yuan have played out as countries worldwide recover from Covid. The country has seen an influx of foreign investments since, its gross domestic product rose, while the core inflation remains low. 2. by TradingPlaces Fri Jul 24, 2015 9:28 pm, Post by Nicolas Fri Jul 24, 2015 7:02 pm, Post Any further interaction is asking for trouble. Producers and traders now benefit from a low interest rate on their loans and an increasing deposit rate. In fact, the most compelling part of situation is that both the Iraqi and Vietnamese currencies are legitimate and tangible. Vietnamese Dong Revaluation; Welcome to DayStarNet.com! Similar to political stability, a strong economic environment can attract investments. No guarantees are made as to the accuracy of the information on this site or the appropriateness of any advice to your particular situation. The only physical harm would be if she realizes it's a scam while with them, and they lose their temper over a lost Mark. Reply. Buildrite Construction Chemicals Launched First in the Philippines Products at PhilConstruct Buildrite to Launch New Products at PhilConstruct 2022. This was due to the countrys division into north and south after World War II. Analysts at Maybank noted at the end of August that USD strength has persisted for a tad longer than expected While the VNDs support from trade surplus may not be entirely relied on given weakening external demand, we like to remain constructive on the VND based on its strong economic outlook that can continue to sustain inflows (portfolio/direct investment).. Theforecast for 2025 from algorithm-based forecasting service Wallet Investor was bearish on the outlook for the euro against the Vietnamese currency, predicting that the exchange rate would fall from 22,619.53 to 21,616.17 at the end of 2022. Analysts had expected the SBV to increase rates, but 100 basis points was higher than previous hikes and higher than other countries in southeast Asia. This is a BETA experience. Will Iraqi dinar ever revalue? On top of all that, try finding someone to sell that currency to in order to recapture your USD. 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