At the end of May, the State Bank adjusted the central exchange rate up by 16 VND compared to the previous session, to 24,978 VND/USD, the highest level ever for the central exchange rate. With a margin of +/-5%, the ceiling and floor rates applied are 26,226 VND/USD and 23,729 VND/USD, respectively. At the State Bank of Vietnam, the reference exchange rate is: 23,780 VND/USD (buy) - 26,176 VND/USD (sell).
At commercial banks, specifically the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ), the listed exchange rate is: 25,810 VND/USD (buy) - 26,200 VND/USD (sell); and at the Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank): 25,840 VND/USD (buy) - 26,200 VND/USD (sell).
In the free market, USD transactions are also far above the threshold of 26,000 VND/USD, commonly trading at: 26,260 - 26,360 VND/USD.
If we count the whole week, the central exchange rate increased by 18 VND compared to the end of last week and increased by 22 VND in May. Regarding the exchange rate listed at commercial banks, including Vietcombank, the USD price increased by a total of 70 VND compared to the end of last week and was at the highest level ever; and the Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) also adjusted the USD price up by 65 VND. Meanwhile, the exchange rate on the free market showed signs of "cooling down", decreasing by 20 VND compared to the end of last week.
In the international market, the DXY index - measuring the strength of the USD against major foreign currencies - at one point exceeded 100 points, but then fell to 99.5 points. The decline of the USD created an opportunity for other currencies in the "basket" of currencies to increase in price.
Experts say that the exchange rate on the world market has decreased, but the domestic exchange rate is still "anchored" high in the context that the domestic economy may still face many difficulties when there is no tariff policy from the US, plus the high demand for foreign currency of domestic enterprises.
Currently, Vietnam's foreign exchange reserves are estimated at about 80 - 83 billion USD, equivalent to more than 11 weeks of imports, slightly lower than the recommendation of the International Monetary Fund (IMF). The exchange rate is forecast to increase by 3-5% in 2025.
In the open market, last week the State Bank injected a net VND5,060.55 billion by supplying VND19,518.68 billion through the OMO channel (open market operations); meanwhile, the maturity of mortgage loans was VND14,458.13 billion.
In May, in the mortgage channel, there were 100,964.1 billion VND in winning bids and 122,376.24 billion VND in maturity. The State Bank continued not to bid for treasury bills, while withdrawing a net 21,412.14 billion VND from the market through the open market channel amid increasing exchange rate pressure.
Source: https://hanoimoi.vn/tuan-qua-ty-gia-trung-tam-thiet-lap-dinh-moi-704189.html
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