On January 10th, the State Bank of Vietnam announced the central exchange rate at 25,131 VND/USD, a slight increase of 4 VND compared to the previous day.
USD Prices Drop Significantly in the Free Market
At major commercial banks such as Vietcombank and Agribank, the USD was quoted at around 26,087 VND/USD for buying and 26,387 VND/USD for selling, also up by 4 VND/USD. This fluctuation is considered minor and falls within the familiar management range of the regulatory authority.
In contrast to bank trends, the USD price in the free market has decreased significantly. Some currency exchange points quoted buying rates at approximately 26,850 VND/USD and selling rates at 26,980 VND/USD, about 60 VND lower per USD compared to the previous day.
Notably, the gap between free market and bank USD rates is now less than 600 VND/USD, a substantial decrease from the peak in November 2025, when the difference exceeded 1,500 VND/USD.
The State Bank advises citizens to exchange currency only at licensed locations to avoid penalties.
According to Bao Nguoi Lao Dong, the cooling of USD prices occurs as Decree 340/2025/NĐ-CP on administrative penalties in monetary and banking fields is set to take effect from February 9, 2026.
The decree imposes heavy fines for illegal foreign currency trading, commonly known as “black market” transactions.
Buying USD Only, No Selling
Illegal currency transactions under 1,000 USD will result in a warning.
Transactions between 1,000 USD and 10,000 USD incur fines of 10–20 million VND; 10,000 USD to 100,000 USD, 20–30 million VND; and above 100,000 USD, up to 80–100 million VND.
Additionally, violators may face confiscation of the currency or VND involved in the transaction.
Many gold shops and currency exchange points in Ho Chi Minh City, as well as online platforms, have recently entered a state of near-inactivity.
Posing as a USD buyer, a reporter contacted a currency exchange point in Ho Chi Minh City and received a buying rate of 26,770 VND/USD.
The staff mentioned they are currently only buying USD, not selling, a stark contrast to a few days ago when buying and selling were conducted normally.
Similar situations are observed on social media platforms. Some currency exchange contacts quote buying rates around 26,550–26,700 VND/USD, emphasizing “buying only, no selling.” One Ho Chi Minh City-based contact replied via Zalo, “We are currently only buying USD and other currencies, not selling.”
Analysts predict that once Decree 340/2025 takes effect, foreign currency trading in the free market will significantly shrink. If it continues, it will likely occur more discreetly due to substantial legal risks.
Ms. Tran Thi Ngoc Lien, Deputy Director of the State Bank’s Zone 2 Branch, advises citizens to conduct cash foreign currency transactions only at authorized credit institutions, foreign bank branches, or licensed currency exchange agents.
Licensed exchange agents display a “Authorized to Exchange Currency” sign from the commissioning credit institution and the agent’s name at the exchange counter. Individuals should avoid illegal foreign currency trading to prevent legal risks.
However, licensed agents can only use VND to buy foreign currency from individuals and are not permitted to sell foreign currency for VND (except for authorized agents in international border isolation areas, who can sell foreign currency to departing foreign passport holders).
Where Can People Exchange USD Without Risking Severe Penalties?
Authorized currency exchange agents are clearly identified with signage. Engaging in unauthorized foreign currency transactions with individuals is illegal and carries significant risks.
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