On the last trading day of August, the central exchange rate was adjusted down by 28 VND by the State Bank, down to 25,240 VND/USD. Thus, the exchange rate decreased by 58 VND compared to the previously established "peak".
With a 5% band, the USD exchange rate at commercial banks is allowed to trade in the range of 23,978 - 26,502 VND/USD. The reference exchange rate at the Foreign Exchange Management Department is 24,028 VND/USD (buy) - 26,452 VND/USD (sell). In the free market, the USD exchange rate at the end of August was 26,650 VND/USD (buy) - 26,720 VND/USD (sell).
In the last week of August (from August 25 to 29), the USD exchange rate decreased in the official channel but increased sharply in the free market. At the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the USD exchange rate was listed at 26,132 VND/USD (buy) - 26,502 VND/USD (sell), a slight increase of 2 VND in the buying direction but a decrease of 18 VND in the selling direction compared to the end of the previous week. At the Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ), the listed USD exchange rate was 26,183 VND/USD (buy) - 26,502 VND/USD (sell), a sharp decrease of 37 VND in the buying direction and 60 VND in the selling direction.
In August 2025, the USD exchange rate listed at Vietcombank increased by VND 142 (buying) and VND 122 (selling) compared to the end of July (VND 25,990/USD - VND 26,380/USD). Meanwhile, at BIDV, the USD exchange rate increased by VND 176 for buying and VND 135 for selling.
The exchange rate on the free market increased more sharply, by about 140 VND/USD, closing the week at 26,650 VND/USD (buy) - 26,720 VND/USD (sell). The fact that the free exchange rate increased sharply while the official channel was stable showed that the demand for foreign currency increased.
In the world market, the USD Index (DXY), measuring the strength of the USD compared to other major currencies in the world currency basket, was at 98 points, when there was information that the US Federal Reserve (FED) cut interest rates in September. Overall in August, the DXY index decreased by 2%.
Meanwhile, the EUR and the British Pound (GBP) increased significantly over the past month, while the JPY remained almost unchanged. Specifically, the EUR exchange rate increased by 732 - 770 VND, to 29,945 - 31,524 VND/EUR; the GBP exchange rate increased by 801 - 835 VND, ending the month at 34,640 - 36,111 VND/GBP. The breakthrough of the two European currencies reflects expectations of higher-than-expected economic growth in the region, while also being affected by the weakening of the USD.
Experts predict that the exchange rate pressure will gradually decrease as the DXY continues its downward trend, in the context of the market expecting the FED to cut interest rates in September. In addition, recent progress in completing a bilateral trade agreement between the US and Vietnam may also be a factor limiting the exchange rate's increase. However, it is still necessary to monitor the USD's developments.
In fact, to prevent the sharp increase in the exchange rate, on August 25 and 26, the State Bank intervened to sell foreign currency with a term, with a cancellation period of 180 days, at a selling price of 26,550 VND/USD to banks with negative foreign currency status. This move by the State Bank contributed to stopping the increase in the price of the USD.
For the open market, last week alone (from August 25 to 29), in the mortgage channel, there were 41,552.01 billion VND in winning bids for the following terms: 7 days, 14 days, 28 days, with an interest rate of 4%/year; there were 58,822.36 billion VND maturing on the mortgage channel.
The State Bank has continued to stop offering treasury bills since the end of July. In total, the State Bank withdrew a net VND17,270.35 billion last week through the open market channel, with 4/5 consecutive net withdrawal sessions; with VND181,663.71 billion still circulating on the mortgage channel, there are no more treasury bills circulating on the market.
Thus, in August, the State Bank withdrew a net VND 25,211.28 billion through the open market channel.
In the last week of August, interbank interest rates recorded a sharp downward trend in most terms, showing improved system liquidity. Overnight interest rates decreased from 4.76% on August 22 to 2.03% on August 29, short terms also decreased sharply, such as 1-week term decreased from 4.94% to 3.97%; 2-week from 5.63% to 4.75%; 1-month almost flat around 4.95%. Only 3-month term remained the highest, but also decreased slightly from 5.66% to 5.53%.
Source: https://hanoimoi.vn/thang-bien-dong-cua-ty-gia-usd-714620.html
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