On the last trading day of August, the central exchange rate was further adjusted down by 28 dong by the State Bank of Vietnam, to 25,240 VND/USD. This represents a decrease of 58 dong compared to the previously established "peak".
With a 5% margin, the USD exchange rate at commercial banks is allowed to trade within the range of 23,978 - 26,502 VND/USD. The reference exchange rate at the State Bank of Vietnam is 24,028 VND/USD (buying) - 26,452 VND/USD (selling). On the free market, the USD exchange rate at the end of August was 26,650 VND/USD (buying) - 26,720 VND/USD (selling).
During the last week of August (August 25-29), the USD exchange rate decreased in the official channel but increased sharply in the free market. At Vietcombank, the USD exchange rate was listed at 26,132 VND/USD (buying) - 26,502 VND/USD (selling), a slight increase of 2 dong in the buying rate but a decrease of 18 dong in the selling rate compared to the end of the previous week. At BIDV , the USD exchange rate was listed at 26,183 VND/USD (buying) - 26,502 VND/USD (selling), a sharp decrease of 37 dong in the buying rate and 60 dong in the selling rate.
Overall for August 2025, the USD exchange rate listed at Vietcombank increased by 142 VND (buying rate) and 122 VND (selling rate) compared to the end of July (25,990 VND/USD - 26,380 VND/USD). At BIDV, the USD exchange rate increased by 176 VND for the buying rate and 135 VND for the selling rate.
The exchange rate on the free market saw a sharper increase, around 140 VND/USD, closing the week at 26,650 VND/USD (buying) - 26,720 VND/USD (selling). The strong surge in the free market exchange rate while the official rate remained stable indicates a high demand for foreign currency.
On the global market, the USD Index (DXY), which measures the strength of the US dollar against other major currencies in the world currency basket, stood at 98 points, following news that the US Federal Reserve (FED) would cut interest rates in September. Overall in August, the DXY index fell 2%.
Meanwhile, the EUR and the British Pound (GBP) have risen significantly over the past month, while the JPY has remained almost unchanged. Specifically, the EUR exchange rate increased by 732-770 VND, reaching 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 surge in the two European currencies reflects expectations of better-than-expected economic growth in the region, while also being influenced by the weakening USD.
Experts predict that exchange rate pressure will gradually ease as the DXY continues its downward trend, amid market expectations that the Fed will cut interest rates in September. In addition, recent progress in finalizing a bilateral trade agreement between the US and Vietnam could also limit the exchange rate's upward momentum. However, the USD's performance remains under scrutiny.
In fact, to curb the sharp rise in the exchange rate, on August 25th and 26th, the State Bank of Vietnam intervened by selling foreign currency on a 180-day term basis, with the option to cancel, at a price of VND 26,550/USD to banks with negative foreign currency positions. This move by the State Bank of Vietnam contributed to halting the appreciation of the US dollar.
Regarding the open market, in the past week alone (August 25-29), in the collateralized lending channel, VND 41,552.01 billion was successfully bid on at maturities of 7 days, 14 days, and 28 days, with an interest rate of 4% per annum; VND 58,822.36 billion matured in the collateralized lending channel.
The State Bank of Vietnam has continued to suspend treasury bill auctions since the end of July. In total, the State Bank of Vietnam withdrew a net amount of VND 17,270.35 billion through the open market channel last week, with net withdrawals occurring in 4 out of 5 consecutive sessions; VND 181,663.71 billion remains in circulation through the collateralized lending channel, with no State Bank of Vietnam treasury bills still in circulation on the market.
Thus, in August, the State Bank of Vietnam withdrew a net amount of VND 25,211.28 billion through the open market channel.
In the last week of August, interbank interest rates recorded a fairly sharp downward trend across most maturities, indicating improved system liquidity. The overnight rate decreased from 4.76% on August 22nd to 2.03% on August 29th. Short-term rates also saw significant declines, such as the 1-week rate falling from 4.94% to 3.97%; the 2-week rate from 5.63% to 4.75%; and the 1-month rate remaining almost unchanged around 4.95%. The 3-month rate, while maintaining the highest level, also saw a slight decrease from 5.66% to 5.53%.
Source: https://hanoimoi.vn/thang-bien-dong-cua-ty-gia-usd-714620.html
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