Vietnam Dong Down 9 VND Against USD on September 9

The State Bank of Vietnam (SBV) on September 9 adjusted its reference exchange rate down by 9 VND against the US dollar to 24,250 VND per USD. This indicates a slight depreciation of the Vietnamese Dong in the market. Major commercial banks also saw decreases in their buying and selling rates at the opening of trading on the day. With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,892 VND/USD, and the floor rate 24,330 VND/USD. The following day, this band was adjusted slightly, with the ceiling rate at 26,885 VND/USD and the floor rate at 24,325 VND/USD. These fluctuations in the exchange rate are likely a reflection of Vietnam's domestic economic conditions and international financial market trends, particularly the strength of the US dollar. Under its one-party system, Vietnam prioritizes economic growth, and exchange rate stability is crucial for maintaining export competitiveness and controlling inflation. Vietnam has achieved remarkable economic growth in recent years. Simultaneously, it is strengthening economic ties with diverse countries, including the US and European nations, while balancing its relationship with China. Shifts in the international landscape can also be factors influencing exchange rates. Separately, Vietnam reaffirmed its commitment to promoting dialogue and cooperation in line with the principles of universality, fairness, objectivity, impartiality, and non-interference as a member of the UN Human Rights Council for the 2026-2028 term. The country is also focused on strengthening relations with Russia and the Republic of Korea, aiming to deepen cooperation in various fields. Information Source: VietnamPlus English