On the morning of May 9th, the State Bank of Vietnam set the daily reference exchange rate at 24,951 VND per USD, reflecting an approximate 2.5% increase since the beginning of the year.
Commercial banks offered exchange rates around 25,780 VND per USD for buying and 26,140 VND per USD for selling, sustaining high levels from previous days. The highest rate reached 26,200 VND per USD. Since the turn of the year, the USD exchange rate at commercial banks has climbed by approximately 2.2%.
This upward trend in Vietnam’s exchange rate stands in contrast to the weakening of the USD in the international market. Currently, the US Dollar Index (DXY) stands at 100.4 points, marking a 9% decrease from its peak earlier this year.
Economist Dr. Can Van Luc analyzed that despite the USD/VND exchange rate rising by over 2% since the beginning of the year, which is lower than initial projections, the VND remains weak compared to the USD and other regional currencies that have strengthened.
“The VND is still a weak currency compared to others in the region. The demand for foreign currency in import-export activities during the first four months of the year has been more volatile, and there are issues with hoarding foreign currencies and gold. These are the reasons that the State Bank of Vietnam reported to the National Assembly. In reality, the USD/VND exchange rate is in a tug-of-war with positive and negative factors at play. Therefore, the forecast for the entire year predicts a 3-4% increase in the exchange rate,” said Dr. Can Van Luc.
Vietnam’s exchange rate continues to rise despite the US dollar’s weakness in the international market.
In a recent report to the National Assembly, the State Bank of Vietnam also noted that exchange rates and the foreign exchange market are under significant, multifaceted, and rapidly changing pressures due to unpredictable international economic and political developments. In particular, the US administration’s tariff policies and the volatile nature of the international dollar have exerted pressure on currencies worldwide.
“The State Bank of Vietnam has flexibly managed the exchange rate, coordinating monetary policy tools (adjusting liquidity and interest rates) and intervening when necessary to stabilize the foreign exchange market, contributing to macroeconomic stability and inflation control. Legitimate foreign currency demands of the economy have been fully and promptly met,” the State Bank of Vietnam stated.
In its latest report on the monetary market, MBS Securities analyzed that despite the 9.7% drop in the DXY from its 2025 peak, the USD/VND exchange rate remained high in April. The high exchange rate is partly attributed to the State Treasury continuing to buy USD from commercial banks, totaling 110 million USD in April, which tightened the foreign currency supply. Amidst unpredictable trade policies from the US, businesses tend to have higher foreign currency demands.
“Additionally, the interbank interest rate dropped significantly to a 13-month low at the end of the month, causing the VND-USD interest rate differential to turn negative at the highest level since the beginning of the year. These factors have exerted considerable pressure on the exchange rate,” said MBS Securities’ expert.
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