The State Bank of Vietnam has made a significant upward adjustment to the central exchange rate between the Vietnamese Dong and the US Dollar, taking it to an all-time high.
On February 12th, the central exchange rate was set at 24,550 VND per USD by the State Bank, marking an increase of 28 VND from the previous day. This is the highest level the central rate has ever reached.
The central rate has been consistently adjusted upwards recently. Since the first trading session after the Lunar New Year holiday (February 3rd), it has increased by a total of 225 VND.
With a permitted margin of 5%, commercial banks are allowed to trade USD within a range of 23,323 VND to 25,778 VND per USD for the day.
The reference rate for USD at the State Bank’s Trading Center on February 12th was adjusted to 23,373-25,727 VND/USD (buying-selling), representing an increase of 27 VND/USD on the buying side and 29 VND/USD on the selling side compared to the previous day.
 Image: Nam Khánh |
In the interbank market, USD rates have been pushed to unprecedented levels. The selling price of USD at banks is now approaching the 25,800 VND/USD mark.
Specifically, compared to the previous morning (February 11th), Vietcombank’s USD rates increased by 177 VND for both buying and selling, resulting in cash buying rates of 25,387 VND/USD and selling rates of 25,777 VND/USD.
BIDV also witnessed a 165 VND increase in both buying and selling rates, leading to rates of 25,415-25,775 VND/USD.
Similarly, VietinBank raised its buying and selling rates to 25,430-25,777 VND/USD, reflecting an increase of 174 VND and 161 VND, respectively.
Not only have state-owned banks seen increases, but private commercial banks have also adjusted their USD rates upwards.
Techcombank’s rates went up by 143 VND on the buying side and 132 VND on the selling side, with cash buying rates at 25,390 VND/USD and selling rates at 25,777 VND/USD.
Sacombank also increased its rates to 25,390-25,770 VND/USD (buying-selling), a rise of 160 VND on both sides.
| USD Exchange Rate | Buying Rate (VND/USD) | Selling Rate (VND/USD) |
| Vietcombank | 25,387 | 25,777 |
| BIDV | 25,415 | 25,775 |
| VietinBank | 25,430 | 25,777 |
| Techcombank | 25,390 | 25,777 |
| Sacombank | 25,390 | 25,770 |
USD exchange rates at several commercial banks as of the morning of February 12th.
Meanwhile, USD rates in the free market have decreased today. Foreign exchange outlets are trading USD at rates ranging from 25,660 to 25,750 VND/USD (buying-selling), a drop of 10 VND on both sides compared to the previous session.
The selling price of USD at banks has now surpassed that of the free market, while the buying price at banks is only about 300 VND lower.
Domestic USD rates are rising rapidly despite a stabilization in global USD rates after the Chairman of the US Federal Reserve (Fed) indicated that there is no rush to cut interest rates.
The US Dollar Index, which measures the strength of the US dollar against a basket of major currencies, stood at 108 points at 10:34 am on February 11th, Vietnam time, reflecting a modest 0.04% increase from the previous session.
In his testimony before the US Senate Banking Committee on February 12th, Fed Chairman Jerome Powell characterized the current economy as “generally strong” with a “robust” labor market. While inflation is cooling, it remains above the Fed’s 2% target. Given these conditions, Mr. Powell stated that there is no urgency to ease monetary policy.
Hanh Nguyen
– 11:04 12/02/2025
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