financial market assignment (final edition)
TRANSCRIPT
Market Analysis & Trading Strategies ReportHSBC – Treasury Team
Anh Tran Tuan [email protected] Le Nguyen [email protected] Nguyen [email protected] [email protected]
RMIT12/22/2012
Table of Contents
I. Introduction...................................................................................1
II. Analyzing Market...........................................................................2
a. Inflation.......................................................................................2
b. GDP Growth Rate........................................................................4
c. Interest Rate................................................................................5
d. Foreign Direct Investment (FDI)..................................................7
e. Government Intervention............................................................9
f. Commodity Market...................................................................10
III. Forecast and Trading Strategy...................................................12
a. Current Exchange rate...............................................................12
b. Forecasting................................................................................13
c. Trading Strategy........................................................................15
USD/VND trading strategy...........................................................15
AUD/USD trading strategy...........................................................16
d. Risk Anticipation........................................................................16
IV. Conclusion.................................................................................16
V. References....................................................................................17
EXECUTIVE SUMMARY
The main purpose of this trading strategy report is to analyze attributes that currently affect
the value of the two pair: AUD/USD and USD/VND, from that, we will decide proper trading
strategies for these pairs and making profit for our HSBC bank. Our analysis will include
factors such as Inflation, Interest Rate, GDP growth rate, as well as commodities price, and
government intervention if applicable. Through analyzing, we forecast that the USD
depreciate against the VND and appreciate against the AUD. Hence, applying the “buy low
sell high” strategy, we expect to create more than $US 20,000 profit.
I. Introduction
HSBC Bank (Vietnam) Ltd. belongs to the HSBC Group, which is one of the largest financial
services and banking organization all over the world. Its incorporated entity was first
established in Vietnam on January 1st 2009 after being approved by the State Bank of
Vietnam (SBV) to “set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam in September
2008” with a slogan “The world’s local bank” (HSBC, 2012). HSBC now is the largest
foreign bank in Vietnam and its aim is to bring the best financial services for customers and
the Vietnamese community. With this aim, HSBC bank received many awards, especially the
“Best Foreign Transaction Bank in Vietnam 2011” by The Asset Triple A and the “Top Trade
Services Awards 2007”, by the Ministry of Industry and Trade of Vietnam (HSBC, 2012).
The Treasury Team of HSBC is currently choosing two pairs of currency, which are
USD/VND and AUD/USD to make some foreign exchange transactions and help the bank
earn profit. This report’s objectives are analyzing factors that affect the performance of two
pairs; then forecasting the change in the two targeted pairs in order to make decision and
avoid risk when trading currencies. Finally, we will speculate the exchange rate to generate
profit from exchanging foreign currency transactions.
II. Analyzing Market
a. InflationVietnam Inflation Rate
According to the chart above, there were not any significant changes in the rate of
Vietnamese inflation since 2010 (8%) until it started increasing rapidly and reached a peak at
23% in October 2011. The rate was the highest in Asia and was driven by higher price in
food and fuel (BBC 2011). In addition, APP (2012) also explains that the sharp decline in
inflation since the star of 2012 was due to tighter monetary policy and cooling of domestic
consumer demand.
Australia Inflation Rate
From 2010-2011, the Australian inflation rate was quite stable and reached the highest point
of 3.6% in July 2011 because of strong rises in fruit, clothing and petrol prices (Stephen and
AAP 2011). Since then to the second quarter of 2012, the fall in fruit price made by the
Cyclone Yasi led to a large amount drop to about 1.2% in July 2012.
United State Inflation Rate
Meanwhile, in the US from 2010-2012, according to Tradingeconomics (2012), the inflation
rate was much lower than Vietnam with the highest point was 3.8% in October 2011 and the
lowest was 1.2% in July 2010. The inflation rate for the entire 2013 will be approximately
from 2.42% to 1.05% (Forecastchart, 2012).
Conclusion: With highest inflation rate, the VND contain risks for investor when buying in
this currency, as their profit might not high enough to compensate with the two digits
inflation. Also, as US’s inflation is growing steady due to the release of the 4th stimulus
packages, AUD tend to rise against USD.
b. GDP Growth RateVietnam GDP Growth Rate
After the economic crisis, Vietnamese economy had some positive changes (Quan 2010).
Therefore, the economy significantly developed more than 5% during the period 2010-2012
and was extremely high in the end in 2010 (7.8%). However, 2012 was a recessionary time
for Vietnam when the growth rate dropped down to 4.5% in the third quarter of 2012. This
situation was due to the collapse of more than 50000 businesses (Business Time 2012).
Australia GDP Growth Rate
As shown in the chart above, the Australian economy stayed stable with the growth rate
around 0.6% in 2010. However, the year 2011 occurred some noticeable changes: the rate fell
to -0.3% due to natural disaster which had a negative effect on the coal industry but a few
months later the rate suddenly went up to 1.4% due to increase in government expenditure
(Australia bureau statistics 2012).
United States GDP Growth Rate
Compared to Australia, the US economy improved better with the growth rate fluctuated
between 2.3-2.7% since 2010. There was one exception: the economy was down to 0.1% in
2011 and US Department of Commerce (2012) explains “retail trade and durable goods
manufacturing were the leading contributors to the deceleration in U.S economic growth in
2011”.
Conclusion: Though slowed down during 2012, Vietnam’s growth rate is still double the
growth rate of US, which indicated that the VND will appreciate against the USD in the near
future. The Australia GDP maintained stable year to year, as same as US GDP, which doesn’t
really indicate whether the currency will appreciate nor depreciate.
c. Interest RateAustralia Interest Rate
The Australian interest rate soared by 1% from 3.7% to 4.7% between 2010 and 2011 and
stayed constant for a year until it started declining from the beginning of 2012 and when the
year 2012 ended, the interest rate was only around 3%. The reason for that was: the central
bank’s board, in the final meeting in 2012, decided to cut the rate in order to trigger the
economic activity as resources began to become more available (Adam 2012)
United States Interest Rate
From 2010-2012, the Interest rate in the US was very low and did not change with the
percentage of 0.2%. According to Dominic (2012), the rate will be kept at the rate of 0.2%
until the end of 2014 by the Federal Reserves in order to increase spending from households
and businesses.
Vietnam Interest Rate
Compared to US and Australia, Vietnam’s interest rate, which is controlled by the State Bank
of Vietnam, was much higher from 2010 to now. The percentage was 8% during 2010 and
has been risen to 9% since 2011 (the State Bank of Vietnam n.d.).
Conclusion: As Australia decided to drop its interest rate to the lowest since 2010, making its
currency became less attractive, however, the purpose of Australian government dropping the
interest rate was to reduce cost of local investor and encourage them to further invest or
expand as resource has become more available, as consequence, it will help improving
Australian economic and further appreciate the currency. Vietnam’s interest rate has been
holding stable since 2011, as a great sign of government doing their best to reduce high rate
inflation. With inflation reduced in the future, VND will become more attractive to investor
with high rate of return and less inflation risk.
d. Foreign Direct Investment (FDI)Vietnam Market
According to the Tuoi Tre News (2010), the total FDI in 2010 was $18.6 billion. In 2011,
FIA Vietnam stated that the total FDI of Vietnam was US $14.7 billion, equal to 74%
compared to 2010. New registered capital reached U.S $11.6 billion and registered capital in
2011 with 76.4% in FDI. However, Phuong (2012) stated that in the first seven months of
2012, FDI into Vietnam reached U.S $ 8.03 billion, equal to 66.9% compared to the same
period in 2011. As a result of the sharp decline, Vietnam’s goal of attracting U.S $15 billion
is hard to meet this year.
United States Market
According to the US Department of Commerce (2011), U.S. FDI in 2010 was U.S. $ 194 and
84% of the FDI came from eight countries: the United Kingdom, Japan, France, Germany,
Luxembourg, Canada, Switzerland and the Netherlands. OECD (2012), quoted that the
United States attracted the largest share of FDI, reached U.S. $ 234 billion in 2011. The
reason for his increase was the Chinese investors poured their money in real estate and
renewable energy.
Australian Market
According to the Australian Trade Commission ( 2010), ‘Australia is an attractive
destination for foreign direct investment’. In 2010, the total FDI of Australia was A $ 436
billion and it was also the top four source countries with the United States, the United
Kingdom, the Netherlands and Japan. The NSW (2011) said that Australian FDI stock was A
$ 507 billion in 2011 with the most sources came from the United States. In 2012, Australian
Trade Commission stated that the total FDI is growing 6.6% compare to 2011 and Australia
has built up a strong position in the global market.
Conclusion: Judging from FDI data, foreign investor is currently observing the VND and
taking precaution step before investing in, due to recent inflation rate rise, however, as stated
above, if the government successfully control the inflation rate, next year’s FDI will be much
bigger as Asians economies are doing far greater than EU and US.
e. Government InterventionVietnam
The State Bank of Vietnam (SBV) decided to keep the ceiling exchange rate of VND
at VND 20.828/USD (Investor Bulletin, 2012). This intervention of SBV stabilized
the foreign exchange market temporarily since the mismatch of the supply and
demand in the exchange market happened in the early of 2012.
The Deputy Prime Minister Vu Van Ninh (2011) stated on the opening government
meeting that the government would continue to implement the monetary and fiscal
policies in 2012 (Infocus, 2011). For the fiscal policy, the Government aimed at
strengthening the management on expenditure and reducing the deficit of state budget
below 4.8% in 2012. The Government would also use the tight monetary to increase
the liquidity of the banks and ensure the high credit growth from 15 to 17% in 2012.
According to Bloomberg (2011), The SBV limited the foreign currency loans as an
effort of reducing inflation. The government tried to reduce the excess of imports over
exports by devalued the VND. The action of limited the foreign currency loans was
also to ensure that companies have to have adequate foreign currency holdings to
repay loans. This limitation of foreign currency bank loans would lead to reduce the
currency manipulation. Consequently, the foreign exchange risks would be
diminished.
Conclusion: Through intervention, the Vietnamese government is doing their best to reduce
inflation, from extreme method as pegging the exchange rate to prevent further depreciation
of currency, to reducing government excessive spending, which has been the main cause of
inflation.
f. Commodity MarketGold Price
The US and Australia are in the top 10 of gold producing countries and also the major
gold’s exporters in the world (Michelle, 2012). The US held 75.4% of total foreign
reserves which was the largest holdings in the world. Between 2010 and 2012, as a result
of the economic crisis, the price of gold rose rapidly from U.S. $ 1200 (2010) to U.S. $
1600 (2012). In 2011, the gold price reached a peak roughly U.S. $1800. Thus, many
governments tried to decrease the interest rate to recover the economy. This lead the
money supply increased and people switched to buy more gold than before to avoid the
devaluation of their properties.
In Vietnam, where gold are majorly imported, so the price of gold in Vietnam is likely to
be affected by the world price of gold. Now, the domestic price is fluctuated between 46.6
and 46.8 million (Vietbao, 2012). However, the domestic price is still higher than the
world price due to speculation in Vietnam. The reason of speculating is that as a result of
a high inflation in the VND, Vietnamese people also buy more gold to increase the value
of their property.
Crude Oil Price
In the first semi-annual, the oil price decreased rapidly from over U.S. $ 105 to below U.S. $
85, which is a positive sign for the US market. However, after this sharp decrease, the oil
began to rise quickly and this may lead the value of USD to depreciate because US majorly
imports oil from other countries.
Iron and Hard Coking Coal
Australia is well-known as an exporter of Iron and hard coking coal worldwide and China is
also the largest trading partner (Cheers, 2011). From the above graph, the price of iron and
coking coal rose moderately after the significant drop in 2008 to 2009. The reason for this
growth is that the Chinese economy has experiencing a strong growth, so the Australian price
of iron and coking coal were strengthened.
III. Forecast and Trading Strategy
a. Current Exchange rateVND/USD
9/12/2
010
31/01/2011
15/03/2011
30/04/2011
15/06/2011
31/07/2011
15/09/2011
31/10/2011
15/12/2011
31/01/2012
15/03/2012
30/04/2012
15/06/2012
30/07/2012
15/09/2012
31/10/2012
9/12/2
01218,500.00
19,000.00
19,500.00
20,000.00
20,500.00
21,000.00
21,500.00
USD / VND
Rate
As shown in the chart above, the USD/VND spot exchange rate increased significantly from
about 19,500 VND/USD to roughly 21,000 VND/USD in the first-semi of 2011. However,
there was a slightly decline after this time to below 20,500 VND/USD. Since then, the
exchange rate reached a peak at over 21,000 VND/USD between 1/2012 and 2/2012. From
3/2012 to 12/2012, the exchange rate fluctuated between over 20,500 and 21,000 VND/USD
AUD/USD
The AUD/USD spot exchange rate soared slightly from almost 1.02 to 0.99 AUD/ USD in
the first month of 2011, but after that it unpredictably increased to 1.1 AUD/USD in 8/2011.
9/12/2
010
30/01/2011
15/03/2011
30/04/2011
15/06/2011
31/07/2011
15/09/2011
31/10/2011
15/12/2011
30/01/2012
15/03/2012
30/04/2012
15/06/2012
30/07/2012
15/09/2012
31/10/2012
6/12/2
0120.9
0.95
1
1.05
1.1
1.15
AUD / USD
Rate
After this peak, the exchange rate started to fluctuate between 0.98 and 1.08 AUD/USD.
From 6/2012 to 12/12, the spot rate became more stable due to small changes between 1.02 to
1.05 AUD/USD.
b. ForecastingBy using formula
PP forecast:
According to the data we have collected, the inflation rate for Vietnam, US and Australia are 6% , 2% and 2.2%. By using the inflation target we can estimate the exchange rate at year end:
USD/VND: 20,800 * 1.0221.06 = 20,054 (USD expected to depreciate against the VND)
AUD/USD = 1.038 * 1.021.022 = 1.036 (AUD expected to depreciate against the USD)
By indicating factors
USD Per Australian Dollar Currency Exchange Rate
In comparison with Australia and US, Vietnam has the highest interest rate at the end of 2012
(3.05%, 0.25% and 9% respectively), which will lead to a higher demand for VND due to an
increase in inflow capital. Besides, according to the Tuoi Tre News (2012), the level of
offshore borrowing in order to finance an increased investment will rise because the
economic growth rate of Vietnam is also the highest one (4.66%) and is expected to grow to
5.5% in 2013 (5.5 percent growth in GDP expected in 2013, 2012). Also, the inflation rate in
Vietnam had dramatically decreased until August 2012 and is keeping at reasonable rate at
the end of 2012. Moreover, the Tuoi Tre News (2012) predicts that the inflation rate of
Vietnam in 2013 will be at 6.2%, which will be a positive sign for Vietnam economy.
Therefore, the exchange rate of Vietnam will be forecasted to appreciate in the next 3- 6
months.
According to Jeff (2012), U.S. $600 billion cut in Government spending and an increase in
tax will be the main reasons for the decline GDP for the US in 2013. An approximately 2.2 %
increase in the rate of inflation in the US next year will lead to a depreciation in the value of
the USD (The Financial Forecast Center, 2012). Overall, due to the fall in the growth rate and
increase in inflation, the USD will be depreciated.
c. Trading StrategyUSD/VND trading strategy
We will apply the “buy low sell high” theory in the foreign exchange market to maximize our
profit. In December 2012, according to HSBC (2012), the exchange rate of USD/VND is
20,810/90. The VND is expected to appreciate against the USD; hence we will go long VND
now with the rate of 20,890. Assuming we have USD 1,000,000 and will buy VND for
speculating.
Therefore we will have 1,000,000*20,890=20,890,000,000VND.
The USD/VND exchange rate is believed to drop down for the next 6 months with the
expected exchange rate is 20,500. So we will except to hold this amount of money for the
next 6 month period, taking on risk and expect to earn a profit.
After 6 month, if the exchange rate is like our forecast, we will sell the above amount of
VND and have: 20,890,000,000/20,500= 1,019,024.39USD
Therefore, the final amount of USD we can gain from these transactions, meaning the profit
we can earn from the speculation is: 1,019,024.39– 1,000,000 = 19,024.39USD
Our trading strategy is based mostly on public data; however, there are unforeseeable
elements, such as future government intervention, bias assumptions might affect our forecast
IV. ConclusionIn conclusion, based on an analysis of some macro-economic factors such as inflation rate,
economic growth, interest rate, foreign direct investment, government intervention and
commodity price from Australia, US and Vietnam, we predict that the AUD will depreciate
against the USD meanwhile the VND will appreciate against the USD. From that prediction,
speculation is applied in our trading strategies to help HSBC maximize a profit. Besides, the
report also does not forget to mention some risks that the company can face in foreign
exchange market and have some backup plans to help reducing those possible risks and can
achieve our objectives.
V. References
1. Adam C. 2012, ‘RBA cuts interest rates by 0.25pc to 3pc’, The Australian 4 December,
viewed 20 December 2012, <http://www.theaustralian.com.au/business/economics/rba-cuts-
interest-rates-025pc-to-3pc/story-e6frg926-1226529755236>
2. Australian Trade Commission, ‘Growing Foreign Investment: Australia is an attractive
destination for foreign direct investment’, Australian Trade Commission, viewed 18
December 2012, < http://www.austrade.gov.au/Invest/Why-Australia/Growing-Foreign-
Investment/default.aspx>
3. Australian Trade Commission 2012, ‘Investor Update: Data Alert: Australia is one of the
world’s leading investment destination’, Australian Trade Commission, viewed 18 December
2012, < http://www.austrade.gov.au/Invest/Investor-Updates/120514-Data-Alert-Australia-is-
one-of-the-worlds-leading-investment-destinations>
4. BBC News 2011, ‘Vietnam's inflation rate rises to 23%’, BBC News 24 August, viewed 20
December 2012, <http://www.bbc.co.uk/news/business-14642479>
5. Bureau of Economic Analysis 2012, ‘U.S. Economy at a Glance: Perspective from the BEA
Accounts’, U.S. Department of Commerce 19 December, viewed 20 December 2012,
<http://www.bea.gov/newsreleases/glance.htm>
6. Business Times 2012, ‘Vietnam’s economy in 2011: The Impressive Figures’, Business
Times, viewed 20 December 2012, <http://businesstimes.com.vn/vietnam%%E2%80%99s-
economy-in-2011-the-impressive-figures/>
7. David P & Fenwick Y. 2011, Foreign Direct Investment in the United State, US Department
of Commerce, Economics and Statistics Administration, viewed 20 December 2012,
<
http://www.esa.doc.gov/sites/default/files/reports/documents/fdiesaissuebriefno2061411final.
pdf>
8. Dominic R. 2012, ‘US Federal Reserve to keep interest rates near zero until 2014’, The
Guardian 25 January, viewed 20 December 2012,
<http://www.guardian.co.uk/business/2012/jan/25/federal-reserve-interest-rates-near-zero>
9. FIA 2012, ‘Ket qua dau tu truc tiep nuoc ngoai va dau tu truc tiep cua Viet Nam ra nuoc
ngoai nam 2011’, FIA, viewed 18 December 2012, <http://fia.mpi.gov.vn/News.aspx?
ctl=newsdetail&aID=1127>
10. Forecast chart 2012, ‘Current Inflation News & Forecast: US Inflation Rate’, Forecast chart,
viewed 20 December 2012, <http://www.forecast-chart.com/forecast-inflation-rate.html>
11. Forecast chart, ‘US Inflation Rate Forecast’, Forecast chart, viewed 20 December 2012,
<http://www.forecast-chart.com/forecast-inflation-rate.html>
12. Giang, Ng 2011, ‘Vietnam Limits Foreign Currency Loans to Curb Inflation’, Bloomberg 25
March, viewed 18 December 2012, < http://www.bloomberg.com/news/2011-03-25/vietnam-
limits-foreign-currency-loans-to-curb-inflation-1-.html>
13. HSBC 2012, ‘Exchange rate’, HSBC, viewed 20 December 2012,
http://www.hsbc.com.vn/1/2/miscellaneous_en/exchange_rate
14. HSBC 2012, ‘HSBC Bank (Vietnam) Ltd.’, HSBC, viewed 18 December 2012,
<http://www.hsbc.com.vn/1/2/about-hsbc_en/about_HSBC?
changelanguage.language=en&changelanguage.country=US&chglang.x=en>
15. Infocus Academy- “Student in Focus” 2011, ‘Vietnam to continue tightening moneytary and
fiscal policies in 2012’, viewed 18 December 2012, < http://infocus.edu.vn/infocus-hoc-tieng-
anh-study-english/learn-from-english-news/daily-magazine/vietnam-to-continue-tightening-
monetary-and-fiscal-policies-in-2012.infocus>
16. Jeff K. 2012, ‘Business Economists Reduce U.S. GDP Growth Forecasts’, Bloomberg 16
October, viewed 20 December 2012,
<http://www.bloomberg.com/news/2012-10-15/business-economists-reduce-u-s-gdp-growth-
forecasts.html>
17. Michael J. 2012, ‘Inflation spike dampens rate cut chance’, ABC News 24 October, viewed 20
December 2012, <http://www.abc.net.au/news/2012-10-24/september-quarter-inflation-data/
4331214>
18. Michelle, S 2012, ‘2011 Top 10 Gold producing countries’, Gold Investing News 16 October,
viewed 18 December 2012, < http://goldinvestingnews.com/28894/top-10-gold-producing-
countries-of-2011-australia-us-ghana-indonesia-china-peru-canada-russi.html>
19. Nelson D.S. 2012, ‘U.S. Growth Rate Picks Up to 2%’, The New York Times 26 October,
viewed 20 December 2012, <http://www.nytimes.com/2012/10/27/business/economy/us-
economy-grew-at-2-rate-in-3rd-quarter.html?pagewanted=all&_r=2&>
20. NSW Government 2011, ‘Stock of Foreign Direct Investment in Australia by Country’, Trade
and Investment, viewed 18 December 2012, < http://www.business.nsw.gov.au/invest-in-
nsw/about-nsw/trade-and-investment/stock-of-foreign-direct-investment-in-australia-by-
country>
21. OECD iLibrary 2012, ‘Foreign direct investment’, OECD iLibrary, viewed 18 December
2012,<http://www.oecd-ilibrary.org/sites/factbook-2011-en/04/02/01/index.html?
contentType=&itemId=/content/chapter/factbook-2011-38-en&containerItemId=/content/
serial/18147364&accessItemIds=&mimeType=text/h>
22. Phuong 2012, ‘7 thang dau nam 2012, von FDI dang ki dat 8.03 ty USD’, Sai Gon Giai
Phong Online, 27 July, viewed 18 December 2012,
<http://www.sggp.org.vn/dautukt/2012/7/294977/>
23. Sacombank 2012, ‘Tỷ giá USD/VNĐ Diễn biến quý 2 và dự báo quý 3’, Bản tin nhà đầu tư,
pp.32-33, viewed 20 December 2012,
<http://www.sacombank.com.vn/nhadautu/bantinnhadautu/Th%C3%A1ng%208%20n
%C4%83m%202012/Bantin-NDT-T08_Page_32-33.pdf>
24. Stephen M. & APP 2011, ‘Australia's inflation rate rises to 3.6 per cent, putting pressure on
interest rates’, Herald Sun 27 July, viewed 20 December 2012,
<http://www.heraldsun.com.au/business/australias-inflation-rate-rises-to-36-per-cent/story-
fn7j19iv-1226102637356>
25. The China Post 2012, ‘Vietnam inflation declines to 5.04% in August, lowest rate in three
years’, viewed 20 December 2012, The China Post 25 August,
<http://www.chinapost.com.tw/business/asia/vietnam/2012/08/25/352125/Vietnam-
inflation.htm>
26. The Financial Forecast Center 2012, ‘U.S. Inflation Rate Forecast’, The Financial Forecast
Center, viewed 20 December 2012, <http://www.forecasts.org/inflation.htm>
27. Trading Economics, ‘Australia GDP Growth Rate’ chart, Trading Economics, viewed 20
December 2012, <http://www.tradingeconomics.com/australia/gdp-growth>
28. Trading Economics, ‘Autralian Inflation rate’ chart, Trading Economics, viewed 20
December 2012, http://www.tradingeconomics.com/australia/inflation-cpi
29. Trading Economics, ‘Australia Interest rate’ chart, Trading Economics, viewed 20 December
2012, <http://www.tradingeconomics.com/australia/interest-rate>
30. Trading Economics, ‘United State GDP Growth Rate’ chart, Trading Economics, viewed 20
December 2012, <http://www.tradingeconomics.com/united-states/gdp-growth>
31. Trading Economics, ‘United State inflation rate’ chart, Trading Economics, viewed 20
December 2012, <http://www.tradingeconomics.com/united-states/inflation-cpi>
32. Trading Economics, ‘United State Interest rate’ chart, Trading Economics, viewed 20
December 2012, <http://www.tradingeconomics.com/united-states/interest-rate>
33. Trading Economics, ‘Vietnam GDP Growth Rate’ chart, Trading Economics, viewed 20
Decmber 2012, <http://www.tradingeconomics.com/vietnam/gdp-growth>
34. Trading Economics, ‘Vietnam Inflation rate’ chart, Trading Economics, viewed 20 December
2012, <http://www.tradingeconomics.com/vietnam/inflation-cpi>
35. Trading Economics, ‘Vietnam Interest rate’ chart, Trading Economics, viewed 20 December
2012, <http://www.tradingeconomics.com/vietnam/interest-rate>
36. Tuoi Tre News 2010, ‘Vietnam 2010 FDI inflows up at $11 bln’, Tuoi Tre News, 26
December, viewed 18 December 2012,
<http://tuoitrenews.vn/cmlink/tuoitrenews/business/vietnam-2010-fdi-inflows-up-at-11-bln-
1.17653>
37. Tuoi Tre News 2012, ‘Vietnam’s GDP prospect cut on gloomy global picture’, Tuoi Tre
News 9 October, viewed 20 December 2012,
<http://tuoitrenews.vn/cmlink/tuoitrenews/business/vietnam-s-gdp-prospect-cut-on-gloomy-
global-picture-1.88272>
38. Unconventional Economist in Australia 2011, ‘China sneezes, Australia calls an ambulance’,
Macro Business 15 May, Unconventional Economist in Australia, viewed 18 December 2012,
< http://www.macrobusiness.com.au/2011/05/is-chinas-economy-slowing/>
39. Viet Bao 2012, Giá vàng, Viet Bao, viewed 18 December 2012, <
http://vietbao.vn/vn/market/gia-vang/>