The USD Index (DXY) – a measure of the greenback’s strength against a basket of major currencies – plunged by 1.88 points to 99.1 on May 23, marking an end to its month-long rally.
Trump’s tariff threats sparked market concerns about a new phase of global trade uncertainty. As the US instigated the turmoil, funds flowed out of the USD – no longer seen as an absolute safe haven – and into traditional safe-haven assets like gold, the Japanese yen (JPY), or the Swiss franc (CHF).
Meanwhile, the prospect of trade conflicts with the EU has raised expectations that the Federal Reserve will be forced to maintain a more cautious monetary policy. Moreover, if US growth is threatened by the trade war, the possibility of interest rate cuts cannot be ruled out – a factor that further diminishes the USD‘s appeal in the international market.
Source: SBV
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Domestically, the central exchange rate announced by the State Bank of Vietnam on May 23 remained unchanged from the previous week, standing at 24,960 VND per USD.
With a 5% margin, the USD exchange rate at commercial banks is allowed to trade within a range of 23,712-26,205 VND/USD.
The reference USD/VND exchange rates at the State Bank of Vietnam’s Foreign Exchange Management Department also remained stable, quoted at 23,762-26,158 VND/USD (buying-selling).
Source: VCB
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At Vietcombank, the exchange rate closed at 25,740-26,130 VND/USD (buying-selling) on May 23, an increase of 20 VND in both directions compared to the previous week.
Source: VietstockFinance
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In the free market, the USD exchange rate decreased by 80 VND in both buying and selling rates compared to the previous week, trading at 26,320-26,420 VND/USD.
– 14:19 25/05/2025
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