State Bank of Vietnam Launches Foreign Exchange Operations to Stabilize Year-End Exchange Rate
By the end of October 2026, the USD/VND exchange rate on Vietnam’s interbank market had fallen for six consecutive months. In November, the State Bank of Vietnam began buying US dollars on the spot market and launched a 182-day currency swap to supply Vietnamese dong to the banking system, while monitoring year-end foreign exchange supply and demand.
By the end of October 2026, the USD/VND exchange rate on Vietnam’s interbank market had fallen for six consecutive months, reaching 25,802 dong per US dollar, down 0.6% from the end of September and 1.8% from the start of the year. On November 12, the State Bank of Vietnam set its central exchange rate at 25,623 dong per US dollar, up 12 dong from the previous trading day. Vietcombank and BIDV raised their USD selling rates to 25,850 dong, still 110 dong below the level on the morning of November 4.
The State Bank of Vietnam is coordinating its policy tools to stabilize the exchange rate at year-end.（VietVance）
State Bank of Vietnam Deputy Governor Phạm Thanh Hà said the average interbank USD/VND exchange rate as of October 20 was down 1.57% from the end of 2025. The bank has coordinated its exchange rate, interest rate and dong liquidity policies; from 2025 until the time he provided the information, it had not intervened in the market by selling foreign currency.
Since November 11, the State Bank of Vietnam has been buying US dollars on the spot market at 25,500 dong per dollar, conducting transactions each Monday and Wednesday with eligible credit institutions and foreign bank branches. The bank has not announced an overall purchase limit for each session, and the amount of dong supplied depends on the volume traded.
Earlier, on November 6, the State Bank of Vietnam launched a 182-day USD/VND swap operation capped at US$2 billion. It buys dollars at 24,399 dong per dollar and agrees to sell them back at maturity at 24,704 dong per dollar. If the full limit is used, the operation could initially supply nearly 48.8 trillion dong to the banking system.
The State Bank of Vietnam has launched a 182-day USD/VND swap operation.（VietVance）
Foreign exchange supply and demand remain key to the year-end exchange rate outlook. According to KB Securities Vietnam, disbursed foreign direct investment totaled US$21.07 billion through the end of September, up 12.1% year on year. The company expects investment, exports and remittances to continue adding to foreign currency supply. Meanwhile, companies’ imports and payments coming due may increase demand for foreign currency. Phạm Thanh Hà said the State Bank of Vietnam would continue to monitor domestic and international market developments, use its policy tools flexibly and intervene when necessary.
Source: VietVance
