Banks continue to increase prices, black market Won decreases selling price

Won exchange rate today May 28, 2024 in the domestic market

According to a survey by the Industry and Trade Newspaper, at 10:00 a.m. this morning, Tuesday, May 28, 2024, Won at banks increased in price compared to the same time yesterday (May 27). 4 banks increased their buying price, 5 banks increased their selling price.

Foreign exchange rates today May 28, 2024 at Vietcombank . (Screenshot at 10am)

This morning at Vietcombank, the buying and selling rates of Won Vietcombank are 16.16 VND/KRW and 19.59 VND/KRW. The buying and selling rates of Won at VietinBank are 16.90 VND/KRW and 20.50 VND/KRW.

Compare the Korean Won (KRW) exchange rate between the 10 largest banks in Vietnam. Today, May 28, 2024, the KRW exchange rate for buying has 4 banks increasing the buying price, 1 bank decreasing the buying price and 5 banks keeping the buying price unchanged compared to yesterday.

Meanwhile, in the selling direction, 5 banks increased their selling prices, 1 bank decreased their selling prices and 4 banks kept their selling prices unchanged compared to yesterday.

Today, Joint Stock Commercial Bank for Investment and Development increased the Won price in both directions of specific transactions: buying and selling at 16.38 - 19.38 VND/KRW.

Today, May 28, 2024, Tien Phong Bank bought Korean Won (KRW) at the highest price of 17.71 VND/KRW. The lowest selling price of Korean Won (KRW) was TPBank at 19.24 VND/KRW.

Won exchange rate today May 28, 2024 surveyed at some banks. (Screenshot at 10am)

Black Market Won Rate

Today, May 28, 2024, a survey on the black market at 10:00 a.m. showed that the Won (KRW) price decreased in the specific selling direction: buying was 18.14 VND/KRW and selling was 18.98 VND/KRW.

Won exchange rate at today's market price 5/28/2024. (Screenshot at 10am)

In Hanoi, Ha Trung Street (Hoan Kiem District) is the largest foreign exchange street where many popular currencies on the market can be exchanged, such as USD (US Dollar), Euro, Yen (Japanese Yen), Won (Korean Won) and many other currencies. However, exchanging money at these foreign exchange streets must comply with Vietnamese law.

Trend of the Korean Won

The Korean Won has been on a weakening trend recently, mainly due to expectations that the US Federal Reserve (FED) will delay cutting US interest rates. In addition, fluctuations in other key Asian currencies such as the Japanese Yen and the Chinese Yuan have also contributed to increasing pressure on the Won.

The US Dollar (USD) to South Korean Won (KRW) exchange rate is currently around 1,356 KRW/USD. The Korean Won has fallen 7.6% against the USD this year, making it the second-worst performing currency in Asia, behind only the Japanese Yen. The fall in the Won has exacerbated inflation concerns in a country that relies heavily on food and energy imports. South Korea's consumer price index (CPI) rose 3.1% year-on-year in March this year, exceeding market expectations and the Bank of Korea's target.

Korean businesses struggle amid high inflation, soaring costs

According to statistics, up to seven million private businesses in South Korea (mainly operating in the food and retail sectors), which hold more than 20% of the country's total workforce, are struggling to survive amid high inflation and soaring costs.

Most small businesses that remain open are saddled with large debts. Data shows that nearly 60% of private businesses rely on loans to stay afloat, and as of the end of March this year, the total debt of South Korean private businesses reached about 1,112 trillion won (about 821.03 million USD), up 51% from 2019.

According to the Korea Real Estate Research Institute, the nationwide store vacancy rate hit a record high of 13.7 percent in the first quarter of this year. Even upscale areas of Seoul like Gangnam and Itaewon are littered with empty restaurants and stores.

As international oil prices remain high, the Korean Won continues to weaken, the upward price trend is expected to continue, and the Bank of Korea (BOK) continues to maintain high benchmark interest rates, private businesses are burdened with debt repayments and are likely to continue to face financial difficulties in the short term.

Refer to foreign currency exchange addresses - buying and selling Won in Hanoi:

1. Quoc Trinh Ha Trung Gold Shop - No. 27 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

2. Gold and Silver Fine Arts - No. 31 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

3. Minh Chien Gold and Silver Store - No. 119 Cau Giay, Cau Giay District, Hanoi

4. Thinh Quang Gold and Silver Company - No. 43 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

5. Toan Thuy Store - No. 455 Nguyen Trai, Thanh Xuan, Hanoi and No. 6 Nguyen Tuan, Thanh Xuan District, Hanoi

6. Bao Tin Minh Chau Gold, Silver and Gemstones - No. 19 Tran Nhan Tong, Bui Thi Xuan, Hoan Kiem District, Hanoi

7. Chinh Quang Store - No. 30 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

8. Kim Linh 3 Store - No. 47 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

9. Huy Khoi Store - No. 19 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

10. System of transaction offices at banks such as: Sacombank, VietinBank, Vietcombank, SHB

Refer to the popular foreign currency exchange - Won buying and selling addresses in Ho Chi Minh City:

1. Minh Thu Currency Exchange - No. 22 Nguyen Thai Binh, District 1, Ho Chi Minh City

2. Kim Mai Gold Shop - 84 Cong Quynh, District 1, Ho Chi Minh City

3. Kim Chau Gold Shop - 784 Dien Bien Phu, Ward 10, District 10. Ho Chi Minh City

4. Saigon Jewelry Center - 40-42 Phan Boi Chau, District 1, Ho Chi Minh City

5. Kim Hung foreign currency exchange agency - No. 209 Pham Van Hai, Binh Chanh district, Ho Chi Minh City

6. DOJI Jewelry Store - Diamond Plaza Le Duan, 34 Le Duan, Ben Nghe, District 1, Ho Chi Minh City

7. Kim Tam Hai Shop - No. 27 Truong Chinh, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City

8. Bich Thuy Gold Shop - No. 39 Pham Van Hai Market, Ward 3, Tan Binh District, Ho Chi Minh City

9. Ha Tam Gold Shop - No. 2 Nguyen An Ninh, Ben Thanh Ward, District 1, Ho Chi Minh City

10. System of transaction offices at banks in Ho Chi Minh City such as: Sacombank, VietinBank, Vietcombank, SHB, Eximbank.

* Information for reference only.

Source: https://congthuong.vn/ty-gia-won-hom-nay-2852024-ngan-hang-noi-da-tang-gia-won-cho-den-giam-chieu-ban-322765.html