Accordingly, the SBV issued VND3,100 billion worth of 7-day treasury bills to four members at an interest rate of 3.5% per year. On the valuable paper collateral lending channel, the operator continued to lend members a total of nearly VND1,509 billion at an interest rate of 4%. During the same period, the maturity volume was VND1,723 billion. In total, the SBV withdrew nearly VND3,315 billion in the session on June 24, mainly through treasury bills.
According to Mr. Nguyen Trong Dinh Tam - Deputy Director of Analysis Department of Asean Securities Corporation (Aseansc), this is a suitable move in the context that the USD/VND exchange rate has been maintaining an upward trend recently.
Previously, the SBV stopped issuing treasury bills from March 5, 2025, following the direction in Official Dispatch No. 19/CD-TTg dated February 24, 2025 of the Prime Minister, with the goal of cooling down capital costs and promoting credit to support economic growth. During that period, the SBV also promoted net liquidity injection through reverse repo operations in the open market (OMO), extending the term to a maximum of 91 days and reducing the treasury bill interest rate from 4.1% to 3%/year, before stopping issuance completely.
However, in the context of the sharp increase in USD/VND exchange rate, the State Bank has shown signs of more cautious regulation to control exchange rate risks and stabilize the currency market.
The central exchange rate on June 24 was announced by the State Bank of Vietnam at 25,058 VND/USD, a sharp increase of 30 VND compared to the previous listed rate. This development is contrary to the weakening trend of the US dollar in the international market, reflected in the significant decrease in the USD strength index (DXY) in the same period. Since the beginning of the year, the USD/VND exchange rate has increased by nearly 3% despite the DXY index decreasing by about 10%.
"The increase in the USD in the world market stemmed from tensions in the Middle East and the large demand for USD from some businesses, which helped support the increase in the exchange rate," said ACB Bank's market research department.
Vietcombank Securities (VCBS) in a recent report said that the USD/VND exchange rate will send a clearer signal of cooling down in the coming time when Vietnam continues to demonstrate a solid foundation of stability, Vietnam will still be an ideal destination for investment capital flows and production and business activities.
Assessing the impact on the stock market, experts from Aseansc believe that the current exploration step has not had much impact on market liquidity.
However, in case the exchange rate shows no signs of cooling down in the short term, the State Bank will start to be more flexible in increasing the continuity and scale of the issuance of credit notes, then the impact will gradually increase on the psychology of investors in the stock market.
"However, if we look at the longer term, we forecast that the USD/VND exchange rate will gradually adjust in the last months of the year as the effect of the 90-day tariff deferral will no longer exist. In the baseline scenario, Vietnam's export forecast with many key products will still maintain its competitive position after applying the new tax rate.
In addition, the FED's expected two interest rate cuts in the second half of this year, and the expected increase in USD supply thanks to the prospect of upgrading the stock market, remittances, spending from foreign tourists, etc., are also expected to help cool down the exchange rate," the expert stated.
Source: https://baodaknong.vn/nhnn-hut-tien-tro-lai-qua-tin-phieu-sau-4-thang-ty-gia-tang-vot-256615.html
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