The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,968 VND/USD on the morning of May 20, a decrease of 2 VND from the previous day.
With a 5% fluctuation band, the exchange rate that commercial banks are allowed to trade within is 23,720 – 26,216 VND/USD.
The State Bank of Vietnam’s Trading Centre also lowered the buying and selling rates to 23,770 – 26,166 VND/USD.
This morning, commercial banks reported a rise in USD rates compared to the previous day’s figures.
Vietcombank, the largest foreign currency trader in the system, quoted the dollar at 25,750 – 26,140 VND/USD at 9:00 am, an increase of 40 VND for both buying and selling rates from the previous day.
VietinBank and BIDV also followed suit, with increases of 14 and 20 VND, respectively, in both buying and selling rates.
In the private banking group, Techcombank raised its buying and selling rates by 15 VND each. Eximbank increased its buying and selling rates by 30 VND and 40 VND, respectively. Sacombank, on the other hand, saw a 10 VND rise in both buying and selling rates.
In the black market, the USD also rebounded. A survey at 9:00 am today showed that the USD was traded at 26,300 – 26,380 VND/USD, with the buying rate increasing by 50 VND and the selling rate by 30 VND compared to the previous day.
Internationally, the US Dollar Index (DXY), which measures the strength of the greenback against a basket of other major currencies, hovered around 100.5 points, slightly higher than its closing level on May 19.
The US dollar weakened significantly in the previous session, hitting its lowest level in more than a week against the yen, Swiss franc, and euro. The greenback is under pressure as the US government’s credit rating has been downgraded, and trade tensions show signs of escalating.
On May 16, credit rating agency Moody’s announced a downgrade in the US rating from the highest level of Aaa to Aa1. According to Macquarie analysts, Moody’s downgrade of the US credit rating further weakens the dollar, which has already been hurt by policy instability and the erosion of economic norms affecting global confidence.
On the trade front, US Treasury Secretary Scott Bessent said in television interviews on Sunday that President Donald Trump would impose tariffs at the levels he had threatened last month on trading partners who are not negotiating in good faith.
“May 21st: Central Bank Lowers USD Exchange Rate, Treasury Seeks Large Foreign Currency Purchase”
“These developments come amidst a weakening US dollar in the international market.”
The Stock Market Fluctuates, Gold Prices Surge.
The precious metal surged as the US dollar weakened and concerns grew over US government debt. Global stock markets traded cautiously after the US House of Representatives passed Trump’s tax bill. Financial markets ended the week on a volatile note, with investors flocking to safe-haven assets amid heightened uncertainty.
“USD Exchange Rate Surge: Commercial Banks Witness Continued Rise on May 21st”
As of 8:30 a.m. on May 21st, Vietcombank and BIDV posted a USD exchange rate of 23.780-23,140 VND/USD (buy-sell), a rise of 20 VND from yesterday’s rates across the board.
The Art of Monetary Tightening: A Case Study on the State Bank of Vietnam’s Open Market Operations
“For the week of May 12-19, 2025, the system-wide liquidity remained stable while the State Bank (SBV) maintained a net withdrawal position in the Open Market Operations (OMO) with a total value of VND 31.317 trillion.”
“Dollar and Yuan Rise: A Slight Uptick in Currency Exchange Rates on May 23rd”
As of 8:30 a.m. on May 23, Vietcombank maintained its USD exchange rate at 23,790-26,150 VND/USD (buy-sell), unchanged from the previous day’s opening rate.
