Vietnam Sets Record Exchange Rate Against Dollar Amid Fed Interest Rate Expectations

The State Bank of Vietnam set its reference exchange rate at VND25,617 per U.S. dollar on Tuesday, breaking a record high.

This new rate is applicable within a trading band of 5%, which sets the ceiling rate for commercial banks at VND26,898 and the floor rate at VND24,336.

The buying and selling rates at major commercial banks increased sharply, with Vietcombank listing its buying rate at VND25,800, up 27% from Monday's rate.