Vietnam businesses worried over surging exchange rates

This is as per media reports, which added on April 23, VietinBank and BIDV listed the USD/VND exchange rate at 25,180 VND and 25,485 VND per USD for buying and selling, respectively, marking a 20 VND increase from the earlier session.

Vietcombank’s rates were similarly elevated at 25,145 VND and 25,485 VND per dollar for buying and selling, reflecting the sixth consecutive session of rising dollar prices at banks, edging closer to the 26,000 VND per dollar threshold.

Meanwhile, on the unofficial market, the dollar price reportedly surged by 90 VND per dollar for buying and 110 VND per dollar for selling compared to the previous week, reaching 25,770 VND and 25,870 VND per dollar, respectively.

Despite SBV’s intervention by selling greenbacks to banks with negative foreign currency status at 25,450 VND per dollar, 23 VND lower than SBV’s cap, the exchange rate remained influenced by the high global dollar value, the reports held while adding the steep rise in the dollar’s price has now posed challenges for many domestic companies even as experts recommend importers focus on exchange rate risk prevention tools, explore domestic alternatives to reduce reliance on imports, and leverage derivative financial instruments to mitigate risks associated with currency fluctuations in exporting activities.

ALCHEMPro News Desk (DR)