A strong US dollar will still be a major factor influencing the USD/VND exchange rate in 2025, causing the Vietnamese dong to depreciate by about 3% against the dollar, experts forecast.

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The US dollar may further strengthen against the Vietnamese dong to hit VND25,400 per dollar at the end of this month, according to experts.

After cooling down in August 2024 and bottoming out at the end of September, the USD/VND exchange rate has shown signs of increasing again since the beginning of October.

Hanoi’s consumer price index (CPI) in September rose 0.66% from the previous month, and 2.01% from a year earlier, according to the city’s Statistics Office.

With a sharp depreciation of the US dollar against the Vietnamese dong, the State Treasury has continuously bought large amounts of the greenback from commercial banks.

Measures implemented by the State Bank of Vietnam (SBV) to fight off the dollarisation of the economy, highlighted by the zero per cent interest rate for deposits made in US dollar, have produced positive effects in stabilising the exchange market, increasing foreign reserves, remittance flows and foreign investments, said economists and exchange market experts.

The State Bank of Vietnam (SBV) has shortened terms and kept the interest rate of its bills unchanged to increase the attractiveness of the bill channel, which will help raise the interbank interest rates and reduce pressure on the USD/VND exchange rate.

Current exchange rate fluctuations still fall within the controlled range of the State Bank of Vietnam, without necessitating usage of foreign exchange reserves for intervention, Nguyen Ba Hung, Chief Economist of the Asian Development Bank (ADB) in Vietnam, has said.

VOV.VN - The General Statistics Office of Vietnam (GSO) announced on May 29 that the first half of 2023 saw the consumer price index (CPI) rise by 3.29% and core inflation grow by 4.74% from the same period last year.