On the morning of May 31st, the central exchange rate between VND and USD set by the State Bank of Vietnam remained unchanged from yesterday at 23,714 VND. The USD price at the State Bank of Vietnam's Exchange was 23,400 VND for buying and 24,849 VND for selling, an increase of 3 VND in the selling price compared to the end of last week. The state-regulated USD price was also higher than that of commercial banks. Specifically, Eximbank bought at 23,260 VND and sold at 23,640 VND, an increase of 20 VND compared to yesterday. Vietcombank, however, remained unchanged at 23,280 VND for buying and 23,650 VND for selling...
Meanwhile, the free market USD exchange rate fell sharply by 20 dong in the buying rate to 23,420 dong and by 40 dong in the selling rate to 23,500 dong.
The free market USD exchange rate dropped sharply on the morning of May 31st.
The US dollar weakened slightly globally , with the USD-Index falling to 104.04 points, down 0.14 points from yesterday. According to Reuters, the greenback cooled but remained close to its two-month high after some hardline Republican lawmakers indicated they would oppose a deal to raise the US debt ceiling.
Meanwhile, better-than-expected US inflation data last week has fueled forecasts of further interest rate hikes by the Federal Reserve. The likelihood of rate increases has risen in recent days following a series of statements from Fed leaders.
Furthermore, the Chinese yuan fell 0.4% to 7.0907 against the USD – its weakest level since early December 2022 – after the People's Bank of China cut interest rates. In addition, diplomatic tensions between the US and China are high as Beijing refused an invitation for a meeting between the two countries' defense ministers. These factors are keeping the US dollar nearing its high levels.
Investors are currently awaiting the US non-farm payroll data, scheduled for release on June 2nd. This will provide them with further insights into monetary policy...
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![[Photo] General Secretary To Lam working with Ambassadors and Heads of Vietnamese representative offices abroad attending the 14th National Congress of the Party](/_next/image?url=https%3A%2F%2Fvphoto.vietnam.vn%2Fthumb%2F1200x675%2Fvietnam%2Fresource%2FIMAGE%2F2026%2F01%2F25%2F1769334314499_image.jpeg&w=3840&q=75)
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