The State Bank of Vietnam (SBV) has announced the official exchange rate for the US dollar at 25,298 VND, an increase of 25 VND from the previous day. Since the beginning of the year, the central exchange rate has been adjusted upwards by 956 VND, or 3.9%. With a +/-5% fluctuation band, commercial banks are allowed to trade dollars within a range of 24,034 – 26,562 VND.
At the Foreign Exchange Management Agency, the immediate buying and selling rates are quoted at 24,084 VND and 26,512 VND, respectively, with the former being 50 VND above the floor and the latter 50 VND below the ceiling. In the interbank market, the exchange rate closed at 26,433 VND per dollar last night, a further increase of 33 VND from the previous trading session on August 20.
 US dollar prices reach new highs across the market. Illustrative image |
Notably, the US dollar price in the black market has been surging. Compared to the beginning of the year, the unofficial exchange rate has increased by approximately 830 VND, or nearly 3.4%. The widening gap between the official and unofficial markets indicates a rising demand for dollars outside the regulated system.
Commercial banks continue to offer dollar rates close to the ceiling. Specifically, Vietcombank’s buying and selling rates are at 26,212 – 26,562 VND, an increase of 26 VND from yesterday. Eximbank maintains its buying and selling rates at 26,200 – 26,562 VND, unchanged from the previous day.
In the international market, the US Dollar Index edged up slightly by 0.12 points to 98.79. Global investors are cautiously awaiting the important speech of Jerome Powell, Chairman of the Federal Reserve (Fed) of the United States, at the Jackson Hole conference today.
According to the Vietnam Banks Association, the market is betting with a probability of more than 92% that the Fed will cut interest rates in September 2025. Moreover, there is a high likelihood of two additional rate cuts by the end of this year.
However, economists argue that the market is overly optimistic. While US inflation showed signs of cooling off earlier, the recent trend has reversed due to the pressure from the Trump administration’s tariff policies and significant downward adjustments in employment data. These factors indicate a weakening US labor market and provide further rationale for the Fed to consider monetary easing.
THUY LINH
– 14:38 22/08/2025
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