On December 15th, the State Bank of Vietnam set the central exchange rate at 25,144 VND/USD, a 4 VND decrease from the previous week, continuing its downward trend since the beginning of the month.
Commercial banks like Vietcombank, BIDV, and Agribank quoted the USD at around 26,121 VND/USD for buying and 26,401 VND/USD for selling, also down by 4 VND compared to the week’s end.
Meanwhile, the free-market USD rate in Ho Chi Minh City this morning was reported at 27,242 VND/USD for buying and 27,372 VND/USD for selling, a drop of approximately 10 VND from the previous week.
Since the start of December, the free-market USD rate has fallen by over 300 VND. Compared to its peak of 28,000 VND in mid-November, it has decreased by roughly 600 VND.
Free-market USD rates have dropped by approximately 2.5% since their mid-November peak. |
Vietnam’s exchange rate pressures have eased as the international USD remains weak. The USD Index (DXY) traded at 98.37 points this morning, its lowest level in two months. The USD weakened after the U.S. Federal Reserve cut interest rates for the third time this year, reducing them by 0.25% at last week’s policy meeting. The U.S. benchmark interest rate now stands at 3.5%–3.75%, the lowest since November 2022.
The USD/VND exchange rate has fallen by about 0.3% from its peak, narrowing its year-to-date increase to around 3.5%. Meanwhile, the free-market rate has dropped by 2.5% from its peak.
According to experts at MBS Securities, the weakening USD and increased USD supply in Vietnam due to exports and remittances will further ease exchange rate pressures by year-end.
Analysts at Maybank Securities also noted that the Fed’s rate cuts and continued monetary policy easing will narrow the USD-VND interest rate gap, reducing pressure on Vietnam’s exchange rate. This will enable the State Bank to rebuild foreign exchange reserves and gain more flexibility in managing interest rates.
 Free-market USD rates are cooling down.
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Thái Phương
– 09:45 15/12/2025
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