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  • Dollar rises to all-time high against Vietnamese dong

    Dollar rises to all-time high against Vietnamese dong

    The U.S. dollar continued to strengthen and reached its historic high against Vietnamese currency Saturday.

    The State Bank of Vietnam (SBV) on Saturday morning set the reference rate for the Vietnamese dong at VND23,283, the same as Friday and VND50 higher than early this week.

    At commercial banks, the Vietnamese dong is at its lowest in history.

    Vietcombank, the country’s largest lender, has sold the U.S. dollar for VND23,795, up more than 3.8 percent from the beginning of this year.

    Top private player Techcombank’s rates were VND23,810, Eximbank’s were VND23,790, and Sacombank VND23,967.

    The SBV allows the Vietnamese dong to trade within a band of 3% on either side of the reference rate, which is based on eight currencies and set daily.

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  • Vietnamese currency hits 2-year low against dollar

    Vietnamese currency hits 2-year low against dollar

    Vietnamese banks on Monday traded the dong against the U.S. dollar at the lowest rate in two years as the greenback strengthens globally amid economic uncertainty. The Vietnamese dong declined by 0.3 percent from last weekend to VND23,510 per U.S. dollar at state-owned Vietcombank.

    It fell by 0.34 percent at BIDV and 0.26 percent at Vietinbank, also state-owned lenders. Among private lenders, the currency is 0.21 percent weaker at Sacombank, and 0.17 percent weaker at Eximbank. The changes came after the State Bank of Vietnam on Monday let the Vietnamese dong slide by 0.04 percent against the greenback to VND23,121, the lowest this year.

    It has been pumping more U.S. dollar into the market to reduce pressure on the exchange rate.

    RongViet Securities estimates that the central bank has sold over $10 billion to the market this year, or around 10 percent of Vietnam’s foreign exchange reserves, to stabilize the market.

    The U.S. Dollar Index has been hovering around a 20-year high mark since last month amid global economic uncertainty caused by the Russia-Ukraine crisis and supply chain disruptions due to China’s “zero-Covid” policy.

    Concerns of global inflation has urged investors to buy more U.S. dollars as a safe-haven currency.

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  • Dong dips to new low against the greenback

    Dong dips to new low against the greenback

    The U.S. dollar strengthened against the Vietnamese dong on Tuesday as the central bank upped its reference rate.

    The State Bank of Vietnam (SBV) set its highest-ever reference rate for the greenback at VND22,686 on Tuesday, up VND10 from last Saturday.

    Eximbank and Vietcombank were selling the U.S. dollar for VND23,350 at 10:29 a.m. Tuesday, up VND10 from last Saturday.

    A recent report by the Ho Chi Minh City Securities Corporation (HSC) estimates that the SBV has sold about $2.5 billion in total since July, intervening to keep the exchange rate stable.

    The report forecast that the U.S. dollar will continue to strengthen against the dong to reached VND23,500 in the upcoming months.

    The SBV might sell $6-12 billion of its foreign exchange reserves by the end of this year, including the amount it has already sold, the HSC report said.

    Experts have forecast the dollar to rise by 3 percent this year against the dong.

  • Central bank allows dong to slide against greenback

    Central bank allows dong to slide against greenback

    The State Bank of Vietnam sold the greenback at VND23,284 on Wednesday, down from VND23,050 last  Friday.

    It fixed a central rate of VND22,654 on Wednesday compared to VND22,634 on Monday, and banks too sold dollars at higher rates, Vietcombank at VND23,250 and Eximbank at 23,260.

    The higher dollar rates are likely to affect importers, according to industry insiders.

    When the dong depreciates against the dollar, steel businesses have to pay higher prices for feedstock, a source from the Vietnam Steel Association, who asked not be named said.

    “But it’s too early now to say how this weakening of the dong will affect steel firms.”

    Economist Nguyen Tri Hieu said that import firms would continue to suffer because of a strong USD and he estimated it to strengthen by 1-3 percent this year against the Vietnamese currency.

    But export businesses would enjoy the stronger dollar, he said.

    They should seek to expand and take foreign currency loans since interest rates are currently low, he added.

    The SBV said it allowed the dong to weaken against the greenback to keep the market stable.

    Pham Thanh Ha, head of its monetary policy department, said the recent increase in the central bank’s dollar selling was to stabilize the market.

    Its monetary policy would remain unchanged to control inflation and stabilize the economy, he said in a statement.

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