USD price in Vietnam peaks, topping VND26,300

Vietnamese banks on Tuesday raised the USD price to the central bank-regulated ceiling of VND26,310, 2.9% higher than at the beginning of the year.

The State Bank of Vietnam set the daily reference exchange at VND25,058 per USD, up VND30 from Monday.

With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is VND26,310 per USD and the floor rate VND23,805.

Banks simultaneously raised the USD price to the ceiling, which is also an all-time high.

At 2 p.m. Tuesday, the buying rate at Vietcombank was VND26,010/USD and the selling rate VND26,310, up VND11 and VND31 compared to Monday.

At Vietinbank, the buying and selling rates were VND25,995 and VND26,305 respectively, up VND140 and VND26 from the previous day.

For Sacombank, the respective figures were VND25,985 and VND26,310, up VND54 and VND31 from Monday.

Vietcombank and Vietinbank are state-controlled banks and among the Top 4 Vietnamese banks, while Sacombank is a private bank. The above figures refer to payments via bank transfer, instead of cash.

Compared to the beginning of the year, the USD price on the official market is nearly VND760 higher, equivalent to an increase of over 2.9%.

Singaporean bank UOB on June 9 said its updated forecasts on the USD/VND exchange rate are VND26,300 per USD in Q3/2025; VND26,100 in Q4/2025; VND25,900 in Q1/2026; and VND25,700 in Q2/2026.

"We anticipate the currency will remain near the weaker end of its trading band against the USD through Q3/2025. However, starting in Q4/2025, the VND may begin to align with the broader recovery trend in Asian currencies as trade-related uncertainties begin to ease," UOB said in a release.

"The VND has stood out as an underperformer since late April amid the broader regional foreign exchange rebound in Q2/2025. VND depreciated by 1.8% in the quarter to date to a new record low of about VND26,000 per USD, the bank noted.

"This weakness is driven by a subdued economic outlook — our 2025 GDP growth forecast is 6%, down from 7.09% in 2024 - and the looming risk of a return to the steep 46% tariff should the US-Vietnam trade negotiations fail to see meaningful progress. These factors are expected to keep the VND under pressure in the near term," it added.

A a meeting on Monday, Prime Minister Pham Minh Chinh reaffirmed that monetary policy must be flexibly and appropriately managed to control inflation and stabilize exchange rates.

The banking sector was asked to manage interest rates appropriately, expand credit under control, and prevent "fishing in troubled waters" and speculation in gold and foreign currencies.

Vietnam aims for at least 8% economic growth this year to lay the foundation for double-digit growth in the coming years. "We will not adjust that target," the Prime Minister told the meeting.