US Dollar (USD). (Photo: AFP/ VNA)
|
On May 23, the exchange rate of the Vietnamese Dong (VND) against the US Dollar (USD) and the Chinese Yuan (CNY) witnessed minor adjustments at commercial banks.
Specifically, at 8:30 am on May 23, Vietcombank maintained its USD exchange rate at 25,790-26,150 VND/USD (buying-selling), unchanged from May 22.
Meanwhile, BIDV increased its USD exchange rate by 5 VND for both buying and selling, resulting in a rate of 25,795-26,155 VND/USD (buying-selling).
The State Bank of Vietnam’s central exchange rate for May 23 increased by 5 VND to 24,960 VND/USD.
With a trading band of ±5% allowed by the State Bank, the ceiling and floor rates applicable are 26,208 VND/USD and 23,712 VND/USD, respectively.
The reference exchange rate at the Banking Sector Monetary Management Department also increased to 23,762 VND/USD for buying and 26,158 VND/USD for selling.
Regarding the Chinese Yuan, Vietcombank and BIDV made slight reductions. Vietcombank decreased its selling rate by 1 VND, offering a CNY exchange rate of 3,549-3,662 VND/CNY (buying-selling).
At BIDV, the CNY exchange rate decreased by 1 VND for both buying and selling, resulting in a rate of 3,567-3,664 VND/CNY (buying-selling).
– 09:11, May 23, 2025
The Interbank Rate Cooldown
The interbank interest rates for VND witnessed a significant drop on February 5th, following a sharp rise the previous day. In a notable move, the State Bank of Vietnam once again raised the daily reference exchange rate by 35 VND.
“VCB Unveils Brand Identity with “OneVCB” Strategy: Accelerating Digital Transformation”
On May 17, 2025, Vietnam Digital Foreign Trade Joint Stock Commercial Bank (formerly Construction Bank) unveiled its new brand identity, VCBNeo, and introduced its digital banking application, NeoOne.
The Weakening Dollar: Why Are Exchange Rates Still Rising?
Despite a slight dip in the USD-Index since the beginning of the year due to expectations of a Federal Reserve rate cut in 2025, the USD/VND exchange rate has paradoxically risen. This intricate paradox reflects the multifaceted and complex nature of Vietnam’s current foreign exchange market.
“May 19: State Bank Raises USD Exchange Rate, Free Market Dollar Continues to Fall”
As of May 19th, the USD exchange rate at banks trended upward as the State Bank increased the central exchange rate by 10 VND. In contrast, the free-market USD rate dropped by 50 VND, trading at 26,250 – 26,350 VND/USD.
A Garment Business Prioritizes Salary Expenses, Reducing Over 900 Employees After 18 Years
Once boasting a workforce of nearly 1,100 employees at its privatization, Thanh Tri Garment JSC now has fewer than 150 staff members. The company has recently adjusted its plans for the use of proceeds from a private placement, opting to allocate funds towards paying salaries for the third quarter of 2025 instead of upgrading its factory as initially intended.
