Foreign exchange points in the free market this morning bought USD at a common price of 25,870 VND/USD and sold at 25,950 VND/USD. This is the highest USD price in the free market ever recorded.

The dollar has surged by 5.9 per cent against the VNĐ since the beginning of the year, severely hurting domestic businesses’ financial performance in the first and second quarters of 2024.

The State Bank of Vietnam (SBV) will manage the exchange rate flexibly, adjusting in line with general trends while still ensuring macro-economic stability and foreign currency balance, said its Permanent Deputy Governor Dao Minh Tu.

The State Bank of Vietnam on April 23 took some moves in the inter-bank market in the face of surging USD/VND exchange rates.

Though the State Bank of Vietnam (SBV) has announced it is selling the US dollar to intervene in the USD/VND exchange rate since April 19, the greenback price has remained high, which has been directly affecting many domestic enterprises.

A moderate exchange rate movement is forecast for this year.

The significant appreciation of the US dollar against the Vietnamese đồng has adversely affected many firms that import and borrow in the greenback, while firms that have foreign currency revenue from exports have benefited.

The period of strong volatility of the US dollar has ended, and the USD/VND exchange rate in the last six months of 2023 will remain stable, experts have forecast.

Foreign business associations have proposed the State Bank of Vietnam (SBV) remove the U.S. dollar interest rate cap at 0%, reported the local media.

 VietNamNet Bridge – The Vietnamese government’s flexible monetary policy contributed greatly to Vietnam’s macro-economic stability and socio-economic development.

 VietNamNet Bridge – The move by the State Bank of Vietnam of raising the dollar buy price has been commented as showing its determination to keep the dong/dollar exchange rate stable.