The Greenback Gains: Bank Rates Surge Past 25,600 VND, an All-Time High

Today (Feb 11), the central exchange rate between the Vietnamese Dong and the US Dollar continued its upward surge, setting a new record.

The State Bank of Vietnam set the central exchange rate for February 11 at 24,522 VND per USD, a significant increase of 35 VND from the previous day. This marks the highest level ever recorded for the central exchange rate.

Over the past week, the central rate has been consistently adjusted upward, resulting in a total increase of 197 VND.

With a permitted margin of 5%, commercial banks are allowed to trade USD within a range of 23,296 VND to 25,748 VND per USD for the day.

The reference exchange rate at the State Bank of Vietnam’s trading center has been adjusted after being maintained at 23,400-25,450 VND/USD (buying-selling) for several months.

As of February 11, the reference buying rate was adjusted to 23,346 VND/USD, a decrease of 54 VND, while the selling rate was increased to 25,698 VND/USD, an increase of 248 VND.

USD rates at banks reach an all-time high. Photo: Nam Khánh

At commercial banks, there was a notable increase in both buying and selling rates for USD this morning. All banks are now selling USD above 25,600 VND, the highest level in history.

Compared to yesterday, Vietcombank’s USD rates increased by 90 VND for both buying and selling, resulting in a buying rate of 25,260 VND/USD and a selling rate of 25,650 VND/USD.

Similarly, BIDV also raised their rates by 170 VND for both buying and selling, with the new rates set at 25,300-25,660 VND/USD.

VietinBank followed suit, increasing their buying and selling rates to 25,308-25,668 VND/USD, an increase of 98 VND on both sides.

Private commercial banks also made swift adjustments to their USD rates.

Techcombank increased their buying rate by 100 VND and their selling rate by 105 VND, resulting in a buying rate of 25,292 VND/USD and a selling rate of 25,695 VND/USD.

Sacombank also raised their USD rates to 25,280-25,690 VND/USD (buying-selling), an increase of 80 VND and 110 VND, respectively.

USD exchange rates at select commercial banks as of February 11.

Following the same trend, the free market also witnessed a rapid increase in USD rates. Foreign exchange points were trading USD within the range of 25,670-25,760 VND/USD (buying-selling) this morning, an increase of 90 VND and 80 VND, respectively, compared to the previous day.

Currently, the selling rate for USD at banks is on par with the free market, while the buying rate at banks is only slightly lower by about 400 VND.

The surge in domestic USD rates occurs amidst a backdrop of a strong US Dollar globally, despite record-high gold prices.

As of 11:00 am on February 11 (Vietnam time), the US Dollar Index, which measures the strength of the US Dollar against a basket of major currencies, stood at 108.4 points, reflecting a 0.08% increase from the previous session.

The upward movement in USD rates followed US President Donald Trump’s warning of additional tariffs on steel and aluminum, among other goods.

President Trump announced plans to impose a 25% tariff on all imported steel and aluminum, as well as retaliatory tariffs on countries that impose similar measures on the US.

China’s retaliatory tariffs on certain US exports also came into effect yesterday.

Investors are concerned about the global economic outlook as the trade war continues to escalate.

According to analysts, the tariff war could lead to increased inflation in the US, making it challenging for the Federal Reserve to further reduce interest rates.

Hanh Nguyen

– 12:15, Feb 11, 2025

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