The USD is weakening, why is the exchange rate in Vietnam still increasing?

(NLDO) – The USD index (DXY) on the international market decreased by nearly 9% in the first 4 months of the year, but the USD/VND exchange rate in Vietnam increased.

On the morning of May 9, the central exchange rate was listed by the State Bank at 24,951 VND/USD, an increase of about 2.5% compared to the beginning of this year.

The USD price at commercial banks is traded around 25,780 VND/USD for buying and 26,140 VND/USD for selling, remaining high in recent days. The highest USD price at commercial banks is up to 26,200 VND/USD. Since the beginning of the year, the USD price at commercial banks has increased by about 2.2%.

The increase in exchange rates in Vietnam comes as the USD has been continuously cooling down in the international market since the beginning of the year. Currently, the USD index (DXY) is trading at 100.4 points, down about 9% from the peak set at the beginning of the year.

Economist , Dr. Can Van Luc, analyzed that although the USD/VND exchange rate has increased by more than 2% since the beginning of the year, lower than previous forecasts, VND is still depreciating compared to USD and other currencies in the region are appreciating.

"Because VND is still a weak currency compared to the region. The demand for foreign currency supply for import-export activities in the first 4 months of this year fluctuated more strongly and the story related to hoarding foreign currency, gold... These are the reasons the State Bank reported to the National Assembly . In fact, the USD/VND exchange rate this year is in a tug-of-war with many positive and negative factors. Therefore, the forecast for the whole year is that the exchange rate will increase by about 3-4%" - Dr. Can Van Luc said.

Exchange rate in Vietnam still increases despite USD weakening in international market

In a recent report to the National Assembly, the State Bank also stated that exchange rates and the foreign exchange market are under great, multi-dimensional pressure and are changing rapidly due to unpredictable international economic and political developments. In particular, the US government's tariff policy and the rapidly fluctuating international USD have put pressure on currencies.

"The State Bank has flexibly managed exchange rates, coordinated monetary policy tools (regulating liquidity and interest rates) and intervened when necessary to stabilize the foreign exchange market, contributing to stabilizing the macro economy and controlling inflation. The legitimate foreign currency needs of the economy have been fully and promptly met," the State Bank stated.

In the latest report updating the currency market, MBS Securities Company analyzed that although the DXY index has fallen sharply by 9.7% from its peak in 2025, the USD/VND exchange rate remained high in April. The exchange rate remained high partly because in April, the State Treasury continued to buy USD from commercial banks with a total value of 110 million USD, which somewhat tightened the foreign currency supply. In the context of the trade situation facing many uncertainties related to unpredictable tariff policies from the US, the demand for foreign currency of businesses often tends to increase.

"In addition, the sharp drop in interbank interest rates to a 13-month low at the end of the month caused the VND-USD interest rate gap to reverse to its highest negative level since the beginning of the year. These factors have put significant pressure on the exchange rate," said an MBS expert.

Source: https://nld.com.vn/dong-usd-suy-yeu-vi-sao-ti-gia-tai-viet-nam-van-tang-196250510143509924.htm