State Bank raises exchange rate

The State Bank of Vietnam (SBV) on August 17 decided to adjust interbank rate in an effort to curb trade gap.

Accordingly, the new average interbank rate will be VND 18,932 per US dollar, compared with VND 18,544 previously.

The move targets to realize the Government’s July regular resolution. The SBV was assigned to control exchange rates and foreign currency markets to ensure macro-economy, encourage export and limit trade deficit.

According to the latest data of the General Statistics Office, in July, the trade gap grew to US $980 million, higher than the figure of US $740 million in June.

As of July, the total excess of imports over export stood at US $7.26 billion, accounting for 18.8% of the export turnover and lower than the norm of 20% which was approved by the National Assembly.