Vietnam's Central Exchange Rate Hits Record High Amid Global Dollar Strength

The central bank of Vietnam has set its record-high exchange rate at VND25,306 per US dollar as the greenback strengthened globally. This rate exceeds the previous peak in August last year and marks a 0.05% increase from Monday's rate. The State Bank of Vietnam updates the central exchange rate daily based on various market factors.

The USD/VND exchange rate is used as a benchmark for commercial banks to set their trading prices within a 5% band. Globally, the US dollar held at a one-month high due to traders weighing a slim chance of a rate hike by the Federal Reserve. The dollar index rose 0.03% to 101.55, with the euro down 0.01% at $1.1366.

State Bank of Vietnam Deputy Governor Pham Thanh Ha said the central bank's approach is to manage the exchange rate flexibly to help absorb external shocks and maintain macroeconomic stability.