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Oct 26, 2022 · When the SBV last widened the band around its daily dong reference rate on Oct. 17 to 5% from 3% -- which some traders likened to a de facto devaluation -- the currency fell to the weak end in...
May 7, 2024 · As the SBV reduced its direct foreign exchange interventions in late 2022, the Vietnamese đồng temporarily depreciated by nearly 9 per cent but pressures abated following the policy rate hikes. At the end of 2023 đồng only depreciated year-on-year less than 3 per cent.
- What Affects The Vietnamese Dong’s Value?
- VND Not Immune to Dollar Strength
- Vietnamese Dong Forecast: How Will The VND Fare Against USD and EUR?
The Vietnamese dong was introduced in North Vietnam in 1946 to replace the French Indochinese piastre, and became the South Vietnam currency in 1953. The two versions were unified when the country became one in 1978. The dong was revalued in September 1985 at a rate of 10 old dong to one new dong. The State Bank of Vietnam sets the reference rate f...
The value of the Vietnamese dong against the US dollar gradually declined from the 2014 devaluation, when it was trading around 21,000, to around 23,600 in March 2020 as investors sought the safe haven of the USD at the start of the Covid-19 pandemic.
Analysts at Japanese financial services firm Mizuhoexpected the US dollar to remain strong against emerging market currencies: Mizuho’s Vietnamese dong forecast for 2022 indicates that the USD/VND pair could trade in a 23,300-24,200 range during the fourth quarter and end the year at 23,700. The pair could then retreat from the peak above 24,000 to...
Jul 19, 2021 · Vietnam has pledged not to deliberately weaken its dong currency to gain an export advantage, reaching an agreement with the U.S. Treasury to refrain from "competitive devaluation" and make its...
Aug 18, 2010 · Cardiff Garcia. August 18 2010. Vietnam must have hoped that Tuesday’s devaluation of the dong would stem the downward pressure on the currency, but on Wednesday it was trading even lower...
Oct 20, 2022 · 2022.10.20. CAPTION: A Vietnamese dong banknote over an image of the Vietnamese flag. Reuters. UPDATED AT 8:42 A.M. EDT ON 10-20-2022. The U.S. dollar’s rise against its Asian counterparts is...
Apr 19, 2024 · The intervention, backed by foreign exchange reserves near $100 billion, is a strong measure aimed at stabilizing the Vietnamese dong (VND), which has depreciated by over 5% against the USD since the start of the year. The SBV is selling USD 1 at VND 25,450, matching the selling exchange rate listed at the State Bank's Exchange.
