USD price breaks through 25,000 VND mark, who benefits?

At 11:00 a.m. on August 28, Vietcombank listed the USD buying price at 24,660 VND/USD and the selling price at 25,000 VND/USD.

This is also the selling price of Sacombank, ACB , BIDV.

Meanwhile, Eximbank traded USD at 24,660 VND/USD to buy and only 24,990 VND/USD to sell, falling below the 25,000 VND mark.

The USD price at commercial banks has been continuously decreasing in recent days. If calculated from the beginning of August until now, the USD price at banks has "evaporated" about 400 VND. The USD price is also at the lowest level since the beginning of the year.

The USD bank price cooled down in the context of the USD continuously falling in the international market. The USD index (DXY) was traded at 100.5 points this morning, down sharply from the peak of 106 points a few months ago.

Bank USD prices continue to cool down

In a quick conversation with a reporter from Nguoi Lao Dong Newspaper, Mr. Nguyen Thanh Lam, Director of Analysis for Individual Clients, Maybank Securities Company, analyzed that the main reason for the USD's decline is that the US Federal Reserve (FED) will almost certainly cut interest rates in September. This will help reduce the USD-VND interest rate gap, one of the main reasons for the VND's depreciation against the USD in the past. The expected cut will be about 0.25 to 0.5 percentage points in September and about 1 percentage point for the whole year.

"When the above root cause is resolved, the VND will also appreciate again against the USD. For the economy in general, the price of imported goods will cool down, reducing inflationary pressure. The pressure on the exchange rate will also help the State Bank have more space to operate monetary policy," said Mr. Lam.

Regarding related industries when the exchange rate cools down, according to Maybank experts, groups with high input material imports such as steel, petroleum, beverages or groups with high foreign currency debt ratios such as aviation, electricity, steel, automobiles, etc. will also benefit directly.

Previously, some airlines said that one of the difficulties for their business operations was the increase in input costs due to exchange rate fluctuations. For example, in many interviews with the press, a representative of Vietnam Airlines said that a 1% increase in exchange rate would cost the airline about VND300 billion/year. Therefore, airlines want the exchange rate to be stable, at the lowest possible level.

Source: https://nld.com.vn/gia-usd-thung-moc-25000-dong-ai-huong-loi-196240828110316961.htm