USD/VND exchange rate has increased in the past days
On the free market, the exchange rate was one US dollar to 23,210-23,215 Vietnam dong on the morning of March 28. The reference exchange rate on March 28 was one US dollar to 22,978 Vietnam dong on the web portal of the SBV, the highest rate since early 2018.
Economist Dinh Trong Thinh from the Academy of Finance said that in previous years, Vietnam had increased the USD/VND exchange rate to boost exports. However, this had changed and the SBV only increased the exchange rate to stabilise the macroeconomy.
According to Thinh, the SBV is trying to improve the currency reserves in case the US dollar continues to rise.
"There are times we need to be flexible and buy USD in large amounts but this is just for a short time. In the long-term, the rate will be stable," he said. "I predict that in the last half of 2019, the rate will fall so people should be careful if they want to invest in the USD."
