USD Price Drops Sharply in Vietnam

The USD price at commercial banks in Vietnam has plummeted, with a sharp decline of nearly 300 VND in just two sessions. The free USD price has also decreased rapidly.

Central Exchange Rate

The State Bank announced the central exchange rate of the Vietnamese Dong against the USD on September 6 at 24,202 VND per USD, down 20 VND compared to the previous session.

Commercial Bank Exchange Rates

Applying a 5% margin, commercial banks are allowed to trade at a ceiling rate of VND25,412/USD and a floor rate of VND22,992/USD.

The reference USD buying rate is still maintained by the State Bank of Vietnam at 23,400 VND/USD. The USD selling rate has decreased to 25,362 VND/USD.

Bank-Specific Exchange Rates

At commercial banks, the USD/VND exchange rate continued to decrease sharply. Vietcombank adjusted the USD cash buying price to 24,400 VND/USD, selling price to 24,770 VND/USD, down 150 VND in both buying and selling prices compared to late yesterday afternoon (September 5).

Similarly, VietinBank buys and sells USD at 24,435-24,775 VND/USD, down 136 VND in both directions compared to yesterday afternoon.

In the private joint stock commercial banking sector, Techcombank bought USD in cash at VND24,420/USD and sold at VND24,821/USD, down VND126 in buying and down VND121 in selling.

Sacombank listed the USD price at 24,440-24,770 VND/USD (buy – sell), down 140 VND in both buying and selling compared to the afternoon of September 5.

Free Market Exchange Rates

Foreign exchange points in the free market traded USD at a common price of 25,110-25,190 VND/USD (buy – sell). Compared to the previous session, the free USD price decreased by 105 VND in both buying and selling directions.

Compared to the banking channel, the USD buying price in the free market is about 700 VND higher and the USD selling price is about 400 VND higher.

Global Market Trends

The domestic greenback cooled down following developments in the world market. The US Dollar Index (a measure of the greenback’s strength against other major currencies) fell to its lowest in more than a week as markets worried about the risk of the US economy falling into recession.

At 4:00 p.m. on September 6 (Vietnam time), the US Dollar Index was at 100.91 points, down 0.19% compared to the previous session.