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Trends in Net OMO Operations Over the Past Year. Unit: Billion VND
Source: VietstockFinance
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Specifically, the State Bank of Vietnam (SBV) issued 82.438 trillion VND at an interest rate of 4% per annum to balance the large maturing volume of 81.011 trillion VND. By the end of the week of 15/09, the SBV net injected 1.43 trillion VND, bringing the outstanding volume in the term purchase channel to 188.616 trillion VND.
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Trends in Overnight Interbank Interest Rates Over the Past Year. Unit: %/year
Source: VietstockFinance
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In the interbank market, the overnight interest rate on 12/09 increased by 18 basis points compared to the previous week, reaching 4.12% per annum. Trading volume also rose slightly by 2%, with the average value reaching nearly 504 trillion VND per day.
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DXY Trends from the Beginning of 2025 to 15/09
Source: VietstockFinance
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In the international market, the USD Index (DXY) dropped by 0.12 points to 97.62 on 12/09, following the U.S. announcement that inflation remains above the Federal Reserve’s 2% target, while the labor market weakens rapidly. Weekly jobless claims unexpectedly surged to 263,000, significantly higher than the forecast of 235,000 and up by 27,000 from the previous week. This development has led investors to almost certainty that the Fed will cut the benchmark interest rate by at least 25 basis points in the upcoming meeting (17/09).
Domestically, the USD/VND exchange rate at Vietcombank on 12/09 was listed at 26,166 – 26,476 VND/USD (buy – sell), a slight increase of 6 VND/USD on the buying side but a significant decrease of 34 VND/USD on the selling side compared to the previous week.
– 10:49 16/09/2025
MBS: Central Bank Intervenes with $1.5 Billion to Cool Exchange Rate
According to MBS, the State Bank of Vietnam (SBV) sold approximately $1.5 billion over the two days of August 25-26 through 180-day forward contracts (with cancellation options) to credit institutions with negative foreign exchange positions, at a rate of 26,550 VND/USD.
Central Bank Conducts Net Withdrawal in Open Market Operations
During the week of September 3–8, the State Bank of Vietnam (SBV) continued to flexibly manage system liquidity through open market operations.
The Art of Monetary Manipulation: A $730 Million Open Market Move
In the last week of August (25-29/08), the State Bank of Vietnam (SBV) net withdrew capital from the open market due to limited new issuances in the term purchase channel.
Maintaining Exchange Rate Stability
“With the busiest season for trade fast approaching, businesses are yearning for stable exchange rates to ease their financial worries. As the markets gear up for the frenzied festive period, a consistent currency value could be the difference between a prosperous year-end and a stressful scramble for many companies.”
Retail Gas Prices Surge Across the Board
On September 1st, domestic gas businesses announced a retail price increase, marking the first time this year that gas prices have surged after consecutive months of decline.
