SBV does not adjust the exchange rate of USD/VND to 5%

On October 17, 2022, the State Bank of Vietnam issues Decision No. 1747/QD-NHNN on the spot exchange rate between Vietnam dong and foreign currencies by permitted credit institutions.

Accordingly, banks, credit institutions, and branches of foreign banks are allowed to trade in foreign currencies and provide foreign currency services or determine the buying and selling spot exchange rate (spot) for transactions between Vietnam dong and foreign currencies in accordance with the principles as follows:

For US Dollars:  the spot exchange rate shall not exceed ±5% of the average exchange rate in the inter-bank foreign currency market, announced by the State Bank on the same date (±3%) in previous regulations)

For other currencies: Determined by the permitted credit institutions.

- The difference between the buying rate and selling rate shall be determined by permitted credit institutions.

Chief Officer, Director of Monetary Policy Department, Heads of State Bank’s units, Chairman of the Board of Directors, Chairman of the Board of members, and General Director (Director) of permitted credit institutions shall be responsible for implementing this Decision.

This Decision takes effect on the signing date.