The official USD exchange rate is rapidly cooling, reaching a six-month low. Each US dollar has decreased by 70 dong since late yesterday and approximately 400 dong over the past month. State-owned banks, such as: Vietcombank, are buying and selling at 25,770 - 26,150 dong, with VietinBank at 25,777 - 26,157 dong. Private banks, including ACB and Sacombank, list their selling prices around 26,130 dong.
Exchange rate pressure has significantly weakened in recent months, with bank transactions well below the permitted ceiling. This morning, the State Bank of Vietnam reduced the central exchange rate to 25,603 dong. The unofficial market also reflects this downward trend. In TP HCM, some currency exchange points on the black market are buying US dollars at 25,700 dong and selling them around 26,000 dong, tens of dong lower than bank rates.
This prolonged adjustment trend is supported by several key factors. Analysts from Tien Phong Securities Company (TPS) indicate that exchange rates in both official and free markets have stabilized and show a multi-month adjustment trend. A crucial factor is the sustained high level of deposit interest rates, which increases the opportunity cost of holding US dollars and discourages hoarding and speculation.
Positive foreign direct investment (FDI) inflows and an anticipated narrowing trade deficit further bolster the dong. Strong FDI inflows and expectations of a shrinking trade deficit in the final months of the year are also seen as supporting the exchange rate.
This synchronized cooling follows a period where domestic exchange rate channels moved out of sync. Previously, the central exchange rate continuously rose, hitting a record 25,615 dong, while bank and black market rates decreased. Experts attribute the current stability to proactive central bank policies. Associate Professor Dr. Nguyen Quoc Anh, a senior lecturer at the Banking Faculty, University of Economics TP HCM, explained that this is a result of the State Bank of Vietnam’s proactive operating strategy. This strategy aims to build a "buffer" before the market enters cyclically volatile periods.
Phuong Dong
