US dollar exchange rate drops below VND25,000 on free market

Not only did the US dollar exchange rates at commercial banks cool down, but the exchange rate on the free market also fell below VND25,000 per dollar.

The State Bank of Vietnam (SBV), on December 2, lowered the reference exchange rate for the third consecutive session to VND23,660 per US, down VND2 compared to the previous day. It was recorded at commercial banks during the day that the US dollar prices continued to decrease by VND120-150 per dollar compared to the previous day. Specifically, at 2 p.m., Vietcombank listed the dollar exchange rate at VND24,210 for buying and VND24,520 for selling, down VND120. ACB also traded US dollars at VND24,200 per dollar for buying and VND24,800 per dollar for selling, down VND150 in the buying rate.

Not only did the US dollar prices at commercial banks cool down, but the exchange rate on the free market also dropped sharply. A survey on the selling price of US dollars at foreign exchange agencies showed that the US dollar price had fallen below VND25,000, trading at VND24,570 for buying and VND24,730 for selling. Before that, around mid-October 2022, the dollar exchange rate rose to VND25,500.