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US$ exceeds VND18,000/US$1.00 threshold
Prompted by positive signs on the stock market, the VND/US$ exchange rate on the black market has exceeded the VND18,000/US$1.00 threshold in recent days.
On April 13, in Ha Trung Street – a major exchange area in Hanoi – US$ transactions reached VND 17,980/US$1.00 (purchase) and VND18,020/US$1.00 (sale), up VND70/US$1.00.
Meanwhile, the VND/US$ exchange rate on the interbank market has stayed almost the same. The exchange rates announced by the State Bank of Vietnam (SBV) for April 13 were VND 16,938/US$1.00. The price of US$ at some big banks, such as the Bank for Foreign Trade of Vietnam (Vietcombank), hovered around VND17,780-17,785/US$1.
SBV Governor Nguyen Van Giau said that the SBV is strictly monitoring the exchange rate between US dollars and Vietnamese Dong. According to economists, after the SBV announced a reduction in base interest rates on VND, people still prefer US$. As a result, a large number of people are involved in selling and buying dollars.
Doan Tien Dung, deputy general director of the Bank of Investment and Development of Vietnam (BIDV), said that commercial banks’ foreign currency market is operating normally. At present, businesses still focus on getting loans in VND following the Government’s stimulus package, he added.
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