USD/VND Rate Aug 25: Banks Quote 26,290-26,316; BIDV, Sacombank Lead Buying

Overview

On August 25, the State Bank of Vietnam (SBV) announced the central USD/VND rate at 25,615, while major commercial banks quoted buying rates between 25,755 and 25,930 VND/USD and selling rates between 26,290 and 26,316 VND/USD. The free-market rate hovered around 26,200-26,300 VND/USD. This snapshot of the interbank and retail forex market is relevant for banking stocks on HOSE, including BID, CTG, VCB, MBB, TCB, ACB, EIB, and STB.

Key Facts

• SBV set the central USD/VND rate at 25,615 on August 25, with a +/-5% trading band allowing banks to quote between 24,334 and 26,896 VND/USD.
• BIDV and Sacombank offered the highest cash buying rate at 25,930 VND/USD, followed by Techcombank at 25,916.
• VietinBank had the lowest buying rate at 25,755 VND/USD, creating a 175 VND/USD spread between the highest and lowest buying quotes.
• Selling rates were tightly clustered: Techcombank led at 26,316, Vietcombank and BIDV at 26,310, MB at 26,305, VietinBank at 26,295, and ACB, Eximbank, and Sacombank at 26,290.
• The spread between the highest and lowest selling rates was only 26 VND/USD, indicating uniform pricing across banks.
• The free-market USD rate was 26,200 (buy) and 26,300 (sell) VND/USD.
• All bank selling rates remained well below the ceiling of 26,896 VND/USD.

What Happened

On August 25, the State Bank of Vietnam published the central USD/VND rate at 25,615, based on the daily fixing. With the +/-5% fluctuation band, the permitted range for commercial banks was 24,334 to 26,896 VND/USD. The Foreign Exchange Management Department quoted USD at 24,385 (buy) and 26,845 (sell), but commercial banks’ actual quotes were significantly lower.

A survey of eight banks—Vietcombank, VietinBank, BIDV, MB, Techcombank, ACB, Eximbank, and Sacombank—showed buying rates ranging from 25,755 to 25,930 VND/USD. BIDV and Sacombank led with 25,930, while Techcombank followed at 25,916. Vietcombank, ACB, and Eximbank quoted 25,900, MB 25,855, and VietinBank the lowest at 25,755. Selling rates were more uniform, with Techcombank at 26,316, Vietcombank and BIDV at 26,310, MB at 26,305, VietinBank at 26,295, and ACB, Eximbank, and Sacombank at 26,290. The free-market rate was 26,200-26,300 VND/USD.

Market Context

Banking stocks on HOSE showed mixed performance on August 25: BID closed at 36,700, CTG at 31,500, MBB at 20,650, and VCB at 59,400. The forex market remains stable, with selling rates clustered tightly and well below the ceiling, suggesting limited depreciation pressure. The narrow spread between bank selling rates indicates efficient interbank pricing, while the wider buying spread (175 VND/USD) reflects competition for retail cash USD. This stability supports the banking sector’s net interest margins, as forex volatility is a key risk factor for Vietnamese banks.

Strategic Significance

For long-term investors, the stable USD/VND rate is a positive signal for the banking sector, as sharp depreciation would pressure foreign-currency funding costs and asset quality. The SBV’s central rate management and the narrow selling spreads suggest effective intervention and market confidence. Banks with higher buying rates, such as BIDV and Sacombank, may be competing for retail forex deposits, which could influence their funding costs. The overall picture indicates a well-managed currency environment, reducing one of the key macro risks for Vietnamese banks.

What to Watch

• SBV’s daily central rate announcements for any shift in the USD/VND trajectory.
• Commercial banks’ buying and selling spreads, particularly whether the buying spread narrows or widens.
• Free-market USD rate movements relative to bank rates, as a divergence could signal speculative pressure.
• Quarterly earnings reports from BID, CTG, VCB, MBB, TCB, ACB, EIB, and STB for forex-related income and provisions.
• Any SBV policy statements on exchange-rate management or intervention in the interbank market.