Vietnam’s central exchange rate unchanged but USD rises at commercial banks

The central exchange rate in Vietnam stayed at VND24,325 per USD on Monday, unchanged from before the Lunar New Year holiday (Tet), but the figures went up at commercial banks.

The figure was lower than VND24,346 on January 14, the highest rate so far this year. With a trading band of 5%, commercial banks in Vietnam can set their exchange rates at VND23,109-25,541.

Many experts attributed the growth of the USD to the U.S. Dollar Index (DXY) going up to 109.4 on the same day, after U.S. President Donald Trump announced high taxes against China, Mexico, and Canada.

As of Monday noon, the first working day after the nine-day holiday, Vietcombank, a major state-controlled lender in Vietnam, set the buying and selling rates at VND25,140 and VND25,500 per USD, up from VND24,800 and VND25,300 a day ago, respectively.

VietinBank, another major state-controlled bank, increased the rate to VND25,140 and VND25,500 on Monday noon, versus VND24,770 and VND25,350 on Sunday.

Techcombank, a leading private bank, offered the buying and selling rates at VND25,145 and VND25,495, higher than the VND24,910 and VND25,295 on January 25, the last working day before Tet.

State-controlled BIDV, a “Big 4” lender in Vietnam, set the rates at VND25,135 and VND25,495, up from VND24,870 and VND25,230 a day ago, respectively.