Vietnam Devalues Its Currency Again

The State Bank of Vietnam, trying to control the country’s rising trade deficit, has devalued the Vietnamese dong by 2.1% compared to the U.S. dollar — the fourth devaluation in two years.

The official rate is now 18,932 dong for every dullar, up from 18,544 when the week started, but the unofficial and black market rates are higher at commercial banks and on the street.

Vietnam’s trade deficit is $7.26 billion so far this year, compared to $3.65 billion in the same period last year.  The government  wants to keep the deficit for all of 2010 below $12 billion.

More on Vietnam’s falling currency

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