owned by Bank of Tokyo Mitsubishi UFJ (19.73%) while Vietcombank is owned by Mizuho (15%). (NOTE: Average exchange rates of 2020. Source: tradingeconomics.com. 1 USD = 23,286 VND) Finance Vietnam has two stock trading centers, the Ho Chi Minh City Securities Trading Center and the Hanoi Securities Trading Center, which run the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX), respectively. Currency, exchange rate and inflation Currency The currency used in Vietnam is the đồng, shortened as VND or đ. Exchange rate The exchange rate between the U.S. dollar and the Vietnamese đồng is important because the dong, although not freely convertible, is loosely pegged to the dollar through an arrangement known as a "crawling peg". This mechanism allows the dollar–dong exchange rate to adjust gradually to changing market conditions. As of December 5, 2018, a US dollar is worth 23,256 Vietnamese đồng. Gold still maintains its position as a physical currency to a certain extent, although it has seen its economic role declining in recent years. Inflation Vietnam saw high inflation in 1980s. During this period, there was excessive demand for the industrial sector development, food, and other commodities. In order to stimulate supply, government attempted co-integration of parallel and planned market. Though the initial reform in the 1980s raised the total output, due to the report being partial, it also led to the CPI inflation rate being pushed to 200% in 1982. To tackle this, govt introduced forced savings which can be understood as the accumulation of unspent money to make the monetary overhang. Vietnam's economy experienced a hyperinflation period in its early years of the extensive reform program, especially from 1987 to 1992. In 2008, inflation was tracking at 20.3% for the first half of the year, higher than the 3.4% in 2000, but down significantly from 160% in 1988. In 2010, inflation stood at 11.5%, and 18.58% in 2011. At the end of 2012, inflation stood at 7.5%, a substantial decrease from 2011. In 2013, inflation stood at 6%, and 4.09% in 2014. In 2016, it was only 2% Mergers and acquisitions With 1,120 inbound deals with a cumulated value of almost 15 bil. USD, there is a tremendous interest by foreign companies to get access to the Vietnamese market or continue the expansion using mergers and acquisitions. From 1991 to February 2018, Vietnamese companies were involved as either an acquiror or