Experts have predicted that the State Bank of Vietnam (SBV) will hike the VND/USD exchange rate by 1.5-2 percent in 2019 to stabilise the macro-economy and facilitate exports.
The State Bank of Vietnam (SBV) set the daily reference exchange rate at 22,903 VND per USD on February 21, down 2 VND from the previous day (February 20).
The State Bank of Vietnam adjusted the daily reference exchange rate on January 28 down sharply to 22,858 VND/USD, a reduction of 25 VND from the last working day of previous week (January 25).
The State Bank of Vietnam again raised the daily reference exchange rate on January 18 after adjusting it down on January 17, setting the rate at 22,862 VND/USD, up 7 VND from the previous day.
The State Bank of Vietnam set the reference exchange rate at 22,694 VND/USD on September 10, up 6 VND from the last day of previous week (September 7).
The recent increase in the VND/USD exchange rate was due to inside and outside impacts such as some poor sessions in the domestic stock market and the USD price rise globally, according to Pham Thanh Ha, head of the State Bank of Vietnam (SBV)’s Monetary Policy Department.
The US dollar has appreciated significantly against the Vietnamese dong in the past few days, but local officials and experts believe these hikes won’t affect Vietnam’s economy in any major way.
The State Bank of Vietnam set the daily reference exchange rate on May 14 at 22,550 VND/USD, down 10 VND from the last working day of previous week (May 11).
The daily reference exchange rate continued the rising trend since the beginning of this week, going up 15 VND compared to April 24 to stand at 22,522 VND/USD on April 26.