Stable on the weekend, Won price at Vietcombank increased slightly

Won exchange rate today May 11, 2024 in the domestic market

According to a survey by Cong Thuong Newspaper, at 9:00 a.m. this morning, May 11, 2024, the Won price at banks was relatively stable compared to yesterday (May 10).

At Vietcombank , the buying and selling rates of Won Vietcombank are 16.12 VND/KRW and 19.53 VND/KRW. The buying and selling rates of Won at VietinBank are 16.81 VND/KRW and 20.41 VND/KRW.

Foreign exchange rates today May 11, 2024 at Vietcombank. (Screenshot at 9am)

Compare the Korean Won (KRW) exchange rate between the 8 largest banks in Vietnam. Today, May 11, 2024, the KRW exchange rate for buying has 1 bank increasing the buying price, 0 banks decreasing the buying price and 7 banks keeping the buying price unchanged compared to yesterday.

Meanwhile, in the selling direction, 1 bank increased the selling price, 0 banks decreased the selling price and 7 banks kept the selling price unchanged compared to yesterday.

Today, May 11, 2024, Tien Phong Bank bought Korean Won (KRW) at the highest price of 17.70 VND/KRW. The lowest price to sell Korean Won (KRW) was Tien Phong Bank at the price of 19.22 VND/KRW.

Won exchange rate today May 11, 2024 surveyed at some banks. (Screenshot at 9am)

Black Market Won Rate

Today, May 11, 2024, a survey on the black market at 9:00 a.m. showed that the Won exchange rate decreased slightly in the buying direction (KRW) at 18.39 VND/KRW and in the selling direction at 18.84 VND/KRW.

Won exchange rate at today's market price 11/5/2024. (Screenshot at 9am)

In Hanoi , Ha Trung Street (Hoan Kiem District) is the largest foreign exchange place where many popular currencies on the market can be exchanged such as USD (US Dollar), Euro, Yen (Japanese Yen), Won (Korean Won) ... and many other currencies. However, exchanging money at these foreign exchange streets must comply with the regulations of Vietnamese law.

Current status of Korean Won and some causes

The Korean Won has been on a weakening trend recently, mainly due to expectations that the US Federal Reserve (FED) will delay cutting US interest rates. In addition, fluctuations in other key Asian currencies such as the Japanese Yen and the Chinese Yuan have also contributed to increasing pressure on the Won.

The South Korean won fell sharply against the US dollar as geopolitical conflicts pushed up global commodity prices, market observers said yesterday.

Rising global energy prices are also one of the reasons for the sharp decline in the Korean Won (KRW). Meanwhile, the Korean government is struggling to raise gas and electricity prices, which have been delayed for a long time, due to high inflation.

Currently, Korea Electric Power Corporation (KEPCO) and Korea Gas Corporation (KOGAS) have a total debt of 250 trillion won (equivalent to 184 billion USD) as of last year, generating 6 trillion won in interest annually.

The Korean Won is one of the most volatile currencies that depends heavily on the demand and prices of imported energy resources, such as oil and gas. When global energy prices rise, Korea has to pay more for energy imports, which can lead to a decline in export earnings and an increase in the country's trade deficit. This can lead to a decline in the value of the Korean Won relative to other currencies, especially the US dollar.

Experts say an increase in energy prices is inevitable, albeit a gradual one, as keeping retail prices low in the short term comes at the 'cost' of worsening state-owned enterprises' finances, which will affect the country's financial health in the long term.

Refer to foreign currency exchange addresses - buying and selling Won in Hanoi:

1. Quoc Trinh Ha Trung Gold Shop - No. 27 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

2. Gold and Silver Fine Arts - No. 31 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

3. Minh Chien Gold and Silver Store - No. 119 Cau Giay, Cau Giay District, Hanoi

4. Thinh Quang Gold and Silver Company - No. 43 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

5. Toan Thuy Store - No. 455 Nguyen Trai, Thanh Xuan, Hanoi and No. 6 Nguyen Tuan, Thanh Xuan District, Hanoi

6. Bao Tin Minh Chau Gold, Silver and Gemstones - No. 19 Tran Nhan Tong, Bui Thi Xuan, Hoan Kiem District, Hanoi

7. Chinh Quang Store - No. 30 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

8. Kim Linh 3 Store - No. 47 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

9. Huy Khoi Store - No. 19 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

10. System of transaction offices at banks such as: Sacombank, VietinBank, Vietcombank, SHB

Refer to the popular foreign currency exchange - Won buying and selling addresses in Ho Chi Minh City:

1. Minh Thu Currency Exchange - No. 22 Nguyen Thai Binh, District 1, Ho Chi Minh City

2. Kim Mai Gold Shop - 84 Cong Quynh, District 1, Ho Chi Minh City

3. Kim Chau Gold Shop - 784 Dien Bien Phu, Ward 10, District 10. Ho Chi Minh City

4. Saigon Jewelry Center - 40-42 Phan Boi Chau, District 1, Ho Chi Minh City

5. Kim Hung foreign currency exchange agency - No. 209 Pham Van Hai, Binh Chanh district, Ho Chi Minh City

6. DOJI Jewelry Store - Diamond Plaza Le Duan, 34 Le Duan, Ben Nghe, District 1, Ho Chi Minh City

7. Kim Tam Hai Shop - No. 27 Truong Chinh, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City

8. Bich Thuy Gold Shop - No. 39 Pham Van Hai Market, Ward 3, Tan Binh District, Ho Chi Minh City

9. Ha Tam Gold Shop - No. 2 Nguyen An Ninh, Ben Thanh Ward, District 1, Ho Chi Minh City

10. System of transaction offices at banks in Ho Chi Minh City such as: Sacombank, VietinBank, Vietcombank, SHB, Eximbank.

* Information for reference only.

Source: https://congthuong.vn/ty-gia-won-hom-nay-1152024-on-dinh-ngay-cuoi-tuan-gia-won-tai-vietcombank-tang-nhe-319384.html