Business · Vietnam Bureau
Vietnam's dong weakens as central bank cuts reference rate
The State Bank of Vietnam lowered its daily reference exchange rate to 25,631 VND per US dollar on Monday, marking a depreciation of 6 dong from the previous trading week. The move continues recent volatility in the Vietnamese currency's official valuation.
LSN Vietnam ·
Vietnam's central bank set the reference exchange rate at 25,631 VND/USD on November 2, down 6 dong from the last working day of the prior week, according to official announcements. The adjustment reflects ongoing pressure on the domestic currency amid broader regional and global economic conditions affecting foreign exchange markets.
The rate movement follows a week of fluctuating valuations for the Vietnamese dong. The reference rate declined 7 dong on October 30, before posting gains on October 29, then retreating 2 dong on October 28, illustrating the currency's recent trading dynamics.
The State Bank of Vietnam uses the daily reference rate as a benchmark for commercial banks' foreign exchange transactions. Changes in the official rate can influence cross-border trade, foreign investment flows, and domestic monetary conditions across Southeast Asia's third-largest economy. Market participants typically monitor these adjustments as indicators of central bank policy stance toward currency stability.