The free market USD exchange rate exceeds 27,000 VND/USD - Photo: QUANG DINH
The free market USD exchange rate has been continuously rising in recent days.
On the afternoon of September 6th, the selling price of USD in the free market reached 27,070 VND/USD, an increase of 94 VND/USD compared to yesterday.
The buying price of USD in the free market also increased by 94 VND/USD, reaching 26,970 VND/USD.
Today, the State Bank of Vietnam listed the central exchange rate at 25,248 VND/USD, unchanged from yesterday. With a +/-5% margin, banks are allowed to list the buying and selling prices of USD within the range of 23,986 VND/USD - 26,510 VND/USD.
Today, many banks are listing the USD selling price at the maximum allowed rate. Vietcombank is listing the USD selling price at 26,510 VND/USD, and the buying price at 26,160 - 26,190 VND/USD (cash - transfer).
Sacombank also listed the selling price of USD at the maximum level: 26,510 VND/USD, and the buying price at 26,290 VND/USD. Compared to yesterday, the buying price of USD at Sacombank increased by 90 VND/USD.
Eximbank is selling USD at 26,510 VND/USD and buying at 26,160 VND/USD.
Overall, since the beginning of the year, the selling price of USD at banks has increased by nearly 3.8%. For several consecutive sessions at the end of August, the State Bank of Vietnam raised the central exchange rate, and subsequently, the selling price of USD at banks immediately hit the ceiling.
According to analyses, the depreciation of the VND since the beginning of the year is mainly due to three reasons: loose monetary policy, as well as a low interest rate environment aimed at supporting the government 's growth targets.
Furthermore, the risk of tariff increases, driving up the demand for foreign exchange reserves. The sharp rise in gold prices indirectly pressures the exchange rate. The strengthening of other currencies also fuels a tendency to hold foreign currencies.
According to MB Securities (MBS), the exchange rate is under pressure partly because the State Treasury continues to offer to buy USD from commercial banks, limiting the supply of foreign currency.
Interest rate-exchange rate trade-off
Previously, State Bank Governor Nguyen Thi Hong acknowledged that the exchange rate was under considerable pressure due to the combined impact of economic factors and market sentiment. These pressures and challenges, both external and domestic, are affecting monetary policy management in 2025.
Meanwhile, Mr. Pham Chi Quang, Director of the Monetary Policy Department of the State Bank of Vietnam, said that in recent times, the State Bank of Vietnam has implemented monetary policies to maintain low interest rates and support economic growth. Maintaining low interest rates requires certain trade-offs, including exchange rate fluctuations.
The low VND interest rates in the interbank market have led to a negative interest rate differential between the VND and USD, making the USD more attractive and resulting in conversion to the higher-interest currency.
According to experts, given the current situation, VND deposit interest rates are under upward pressure in the short term.
Source: https://tuoitre.vn/gia-usd-tu-do-vuot-27-000-dong-usd-20250906164453799.htm
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