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Trends in OMO Net Injection Operations Over the Past Year. Unit: Billion VND
Source: VietstockFinance
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Notably, during the sessions on November 21 and 24, the regulator significantly increased disbursements to several commercial banks through term purchases, amounting to 33,000 billion VND and 50,358 billion VND respectively, at an interest rate of 4% per annum to support end-of-month liquidity.
Over the entire week, the State Bank of Vietnam (SBV) lent a total of 111,802 billion VND against collateralized securities with terms ranging from 7 to 105 days. The maturity volume reached 101,463 billion VND, resulting in a net injection of 10,339 billion VND by the SBV, bringing the total circulating capital through term purchases to 310,781 billion VND.
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Trends in Interbank Interest Rates Over the Past Year
Source: VietstockFinance
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In the interbank market, interest rates showed mixed movements across different terms. The overnight rate decreased by 13 basis points to 4.38% per annum by the end of the week on November 21, with the average transaction value slightly declining by 1% to over 736 trillion VND per day. The 1-week and 1-month rates rose slightly by 4-5 basis points, ranging between 4.71% and 5.32% per annum, while the 6-month rate increased by 12 basis points to 7.3% per annum.
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Trends in the DXY Index from the Beginning of 2025 to November 24
Source: VietstockFinance
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In the international market, the USD Index (DXY) closed the session on November 21 up by 0.91 points at 100.11 points, its highest level in nearly 5 months. The USD strengthened following the U.S. jobs report, which showed the economy added 119,000 jobs in September 2025, more than double the forecast, reducing expectations that the Federal Reserve would cut interest rates in December.
Domestically, Vietcombank listed the exchange rate at the end of the week at 26,142 – 26,392 VND/USD (buy – sell), an increase of 14 VND in both directions over the week.
– 11:28 25/11/2025
“Governor Directs State Bank’s Zone 2 Branch to Ensure Seamless, Secure Operations Post-Restructuring”
On November 22nd, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong, accompanied by Deputy Governor Pham Tien Dung and representatives from various SBV departments, held a working session with key officials from the SBV’s Zone 2 Branch.
Prohibited Conduct in the Internal Audit Activities of the State Bank
The State Bank of Vietnam has issued Circular No. 38/2025/TT-NHNN, which establishes the Internal Control and Internal Audit Regulations for the State Bank of Vietnam.
Banking Transactions with Passports to Cease Effective January 1, 2026
As of January 1, 2026, banks will cease all payment transactions, withdrawals, and account-related activities via payment accounts and cards across all channels for Vietnamese customers using passports as their primary identification documents.
Credit Growth in Ho Chi Minh City and Dong Nai Surges 10.37% Over 10 Months
By the end of October 2025, the total credit outstanding in Ho Chi Minh City and Dong Nai Province reached nearly 5.53 quadrillion VND, marking a 1.19% increase from the previous month and a 10.37% surge compared to the end of the previous year.
Skyrocketing Savings Rates: New Bank Disrupts the Market
Interest rates for terms ranging from 2 to 5 months at this bank have been increased to 4.75% per annum, the maximum rate permitted by the State Bank of Vietnam for deposits under 6 months.
