Site Search:
 
TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International
Job Discussion Forums Forum Index Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Students and Teachers from Around the World!"
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Moving to Vietnam with $50k cash - any problems?
Goto page Previous  1, 2
 
Post new topic   Reply to topic    Job Discussion Forums Forum Index -> Vietnam
View previous topic :: View next topic  
Author Message
LettersAthruZ



Joined: 25 Apr 2010
Posts: 452
Location: North Viet Nam

PostPosted: Wed Jul 31, 2013 4:13 pm    Post subject: Re: Moving to Vietnam with $50k cash - any problems? Reply with quote

TRH wrote:
LettersAthruZ wrote:
Given how the Dong has lost 25% or more of its value against the USD over the last five + years I've been here, are you SURE that this is a good idea??
While it is of concern, I don't think it is as bad as you say. XE.com pegs the 10 year change at 3.8%/yr, 5 year at 5.39% but last year at 2.06%. These numbers are 1/8 to 1/8. The perception may be worse than the reality because there are periods of relative stability followed by big jumps such as Feb 11. Actually the inflation rate is the problem. Last year it was about 7% and is forecast for the same but has had spikes over 20% in the last few years. (I could not find a calculation device and didn't try to work out the monthly numbers I found.) If you add the recent exchange rate loss to the current inflation rate you are over 9% so if you lock VND up in one year CD's you are about breaking even.

In the US the "official" inflation rate is about 1.8% so if you have deposits at .5% you are loosing 1.3%. However if you keep your funds there and bring them as needed they could be worth 4.5% less per year than if you brought them here. That is +0.5%(US savings rate) +2.06% (exchange rate gain) -7% (VN inflation). Help me if my math is wrong. I am an English teacher. Very Happy

Info sources: http://www.xe.com/currencycharts/?from=USD&to=VND&view=1Y
http://www.tradingeconomics.com/vietnam/inflation-cpi
http://www.usinflationcalculator.com/


Good point, TRH - I just simply went on personal observation and raw numbers on the XE exchange rate, whereas in Spring 2008 (to the best of my dodgy memory), one U.S. Dollar bought you 14,600VND AT THE BANK (Black Market rates higher, of course) and, the last time I checked, one U.S. Dollar today is around 21,150VND or so FOREX - so I just used value of VND against the USD over the past five-plus years and came out with a 31% loss, that, personally, I don't see being regained anytime in the near future!

I didn't even bother going into inflation here.....

Thanks for the tip, though - I had no idea that XE even had those time-measurement tools on their website!! Turns out my MEMORY IS DODGY (as it was 16,000VND/$1USD in 2008)....still, that's a 24% loss.....
Back to top
View user's profile Send private message
half moon



Joined: 17 Jul 2007
Posts: 37

PostPosted: Wed Nov 20, 2013 4:57 am    Post subject: Reply with quote

edited.

Wront thread.
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Job Discussion Forums Forum Index -> Vietnam All times are GMT
Goto page Previous  1, 2
Page 2 of 2

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


This page is maintained by the one and only Dave Sperling.
Contact Dave's ESL Cafe
Copyright © 2011 Dave Sperling. All Rights Reserved.

Powered by phpBB © 2001, 2002 phpBB Group

Road2Spain - TEFL and Spanish with one year student visa
EBC