Honest opinion? is it worth buying Dong?

I am travelling to Vietnam in October, would it be worth my while to buy some Dong whilst there? Or even open a Bank account? All views welcome.

Nufsed wrote:I am travelling to Vietnam in October, would it be worth my while to buy some Dong whilst there? Or even open a Bank account? All views welcome.

Cash, no, but do check out opening a account I think the rate could 14+ and by October will most likely be higher.CROW

Also check into the stock market over there, I believe it is ground floor at this point. In time and their economy could really make that a faster return on investment.

My thought on the currency is that is is very inexpensive and someday will be worth more, the whole question is how long?

Crow is correct on the interest bearing accounts, they are paying well at present.

NO !

roberto wrote:NO !

Ok thats an honest and direct opinion but when did you last buy dong? Recently or a while ago and how much have you invested in the dong?

roberto wrote:NO !

YES, roberto's NO is correct.

http://www.bloomberg.com/apps/news?pid=20601091&sid=a6AWbpKV3cJE&refer=india

July 7 (Bloomberg) -- South Korea, India and Vietnam will fail to halt declines in their currencies by using intervention because their economies are slowing and trade deficits widening, said Morgan Stanley, the second-biggest U.S. securities firm.

Vietnam will be forced to ``realign'' the dong, Newnham said. Traders are pricing in an 18 percent decline in the coming year to 20,500 per dollar, according to offshore 12-month non- deliverable forwards.

open up a bank acct there. high interest rates. i have a biz assoc w/50k in a vn bank. buying dong is a looooong term inexpensive risk. i own 50mil-cost 5k-no big deal for me.

lglwzrd wrote:open up a bank acct there. high interest rates. i have a biz assoc w/50k in a vn bank. buying dong is a looooong term inexpensive risk. i own 50mil-cost 5k-no big deal for me.

I have 30mil...I will just hold it I guess...

Thanks for this information...

Collection of News Articles at:
http://www.vnbusinessnews.com/

Vietnam Stock Market News at:
http://www.vnstocknews.com/2008/06/11-banks-mobilize-vnd-with-16-per-cent.html

lglwzrd wrote:open up a bank acct there. high interest rates. i have a biz assoc w/50k in a vn bank. buying dong is a looooong term inexpensive risk. i own 50mil-cost 5k-no big deal for me.

Hey lglwzrd how long is long in your humble opinion. We have about 50 mil as well and if long is too long (more than a couple of years for any upside) we'd rather sell out and blow the dough on a diving trip to the Caymans. Obviously our friend Yunuwo is coming up with less than stellar news on this particular gamble/investment.

I wonder what dealorbuydinar would say now, with the downturn in the currency? He was/is a big advocate of it and to a greater extent I personally feel it's worth hanging onto because let's face it, things can hardly get any worse. There has to be an upturn at some point, you just don't have to expect a lot.

I have never advocated holding a large amount of dong because to me it was simply not worth it. If they revalue their currency eventually they will probably need new denoms, and with half the world's speculators stuck with 100,000, 200,000, 500,000 notes and nowhere to even exchange them for lower denoms (IF that ever happens, in a blue moon) people are going to have found they've wasted a good deal of time and money betting on a useless currency.

However, I still think there's some hope for the future and things might develop down a path none of us could have forseen - that's the fun of speculation, but again just don't expect too much and certainly not in a hurry.

How can you say that there is no where to turn them in for exchange? I sold some back to my credit union for US cash back. It is a fully tradeable currency.

dlp wrote:How can you say that there is no where to turn them in for exchange? I sold some back to my credit union for US cash back. It is a fully tradeable currency.

Lucky you. Unfortunately the rest of the world doesn't work that way. We don't all have access to/use credit unions. Exchange at banks is VERY limited (few trade in it, only one actually HSBC, only because it has fingers in the pie in Vietnam), exchange at bureaus and post offices (usual method) in UK and Europe is virtually non existent.

There are not that many options. Fully tradeable currency it is not. It is difficult to get hold of and for many of us and get rid of.

The stuff is not even supposed to leave its own country. Did you know that? And as for the folks thinking they're going to make a mint taking out a VND bank account they're in for a nasty surprise. Old Commie has got his buns covered there too. Foreign non-residents can only take out a USD currency account, you cannot hold it in VND unless you visit and remove it as VND in-country. Then, try and take much VND out of the country and you are stopped.

At the moment, it is pretty bleak. But I always think there's a turning point with most things.

I do forget that we have many countries all over the world posting. I purchased mine through my local credit union who purchased from Bank of America. Now, I'm not saying that we are going to make money on the VND - this is all about speculation. I am a novice investor and I know that I am taking a chance. That's why I don't hold very much (the truth is that I can't afford to hold much). But I also feel that it is a secured chance since I can trade it back in for US currency anytime I wish. You may be mistaken about it being able to leave the country - perhaps that thru private means and not banking routes. It is freely available to me here in the US. I agree that the VND is a long shot and may never pay off.

No,not a good idea-having said that-I have 25 million dong I will give somebody a good deal on-pm me if interested

THE DONG WILL BE THE NEW DINAR. ONCE WE CASH IN !!!!!!!!!

Yes, Cash in your Dinar once it RVs then buy your DONG !

BELIEVING IN FAITH wrote:THE DONG WILL BE THE NEW DINAR. ONCE WE CASH IN !!!!!!!!!