The State Bank of Vietnam (SBV) has declared its readiness to intervene in the foreign exchange market to ensure the stability of the dong. Pham Chi Quang, head of monetary policy at the SBV, stated at a quarterly briefing in Hanoi that the dong is facing pressure from complex global developments and domestic challenges. The SBV plans to manage the dong's exchange rate flexibly to absorb external shocks and coordinate other monetary policies to stabilize the local foreign exchange market.
This proactive stance builds on previous commitments from the SBV. In November 2024, Governor Nguyen Thi Hong affirmed the central bank's willingness to sell US dollars to maintain dong stability and macroeconomic stability, emphasizing curbing inflation while stabilizing the currency. She also noted that while the SBV desires to lower lending interest rates, doing so excessively could negatively impact the foreign currency market and exchange rates. In January 2025, Deputy Governor Dao Minh Tu also pledged to stabilize the dong and control inflation, stating the SBV would closely monitor the market and coordinate monetary policy tools.
The SBV has already taken concrete actions to support the dong. In April 2024, the central bank sold dollars to some banks, intervening when the currency fell to a record low of 25,463 dong per dollar. The intervention price was 25,450 dong per dollar. More recently, on July 2, 2026, the State Bank of Vietnam announced a central exchange rate for the dong against the US dollar at 25,206 VND. The US dollar exchange rate at the State Bank of Vietnam's exchange remained unchanged at 23,696 VND for buying and selling.
The central bank's commitment extends to boosting liquidity within the banking system to address broader economic challenges. These measures are designed to mitigate the impact of unpredictable global conditions and internal pressures on Vietnam's economy and currency.
