USD to VND Exchange Rate

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What influences the USD/VND exchange rate?

The State Bank of Vietnam is in charge of determining VND exchange rates based on the supply and demand for foreign currencies. The bank announces exchange rates and makes decisions regarding the exchange rate regime and the mechanism of regulating exchange rates.2

 

In 2016, the State Bank of Vietnam adopted a more flexible exchange rate mechanism by setting the mid-point rate of the VND against the USD daily. This mechanism calculates a daily reference rate based upon a weighted average of VND prices against eight foreign currencies, including the USD. Prior to that, it had used a system in which the VND was traded around a fixed rate that the bank adjusted just a few times every year.3


The Vietnamese dong has declined steadily against the dollar for the last ten years, including some sharp daily drops. Widening trade deficits and concerns about investors pulling money out of Asia are two factors affecting the decline.

USD/VND Snapshot

“U.S.-Vietnam bilateral trade has grown from $451 million in 1995 to nearly $45 billion in 2015.” – U.S. Department of State4

 

  • Exports from the US to Vietnam include machinery, vehicles, yarn/fabric, and agricultural products. Imports from Vietnam include footwear, apparel, furniture and bedding, electrical machinery, seafood, and agricultural products.4

  • In 2015, Vietnam was ranked 47th in GDP, while the United States ranked 1st.5

  • In 2014, Vietnam was the 28th largest exporter and the 31st largest importer in the world, while the United States was the 2nd biggest exporter and biggest importer.6,7

  • The US is the top export destination for Vietnam.7

 

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Currency Name: Vietnamese Dong

Currency Code: VND

Currency Symbol:

Central Bank: State Bank of Vietnam

Countries Used In: Vietnam

Major Unit: One Dong

Minor Unit: Hào = 1/10 of a Dong, Xu = 1/100 of a Dong

Note Denominations: 100₫, 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫, 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, 500,000₫

Coin Denominations: 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫

 

VND to USD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the VND to USD exchange rate today.

Sources:

  1. http://kids.nationalgeographic.com/explore/countries/vietnam/#vietnam-ha-long-bay.jpg
  2. https://www.sbv.gov.vn/webcenter/portal/en/home/sbv/mpolicy/mpt?_afrLoop=78926034052000#!%40%40%3F_afrLoop%3D78926034052000%26centerWidth%3D80%2525%26leftWidth%3D20%2525%26rightWidth%3D0%2525%26showFooter%3Dfalse%26showHeader%3Dfalse%26_adf.ctrl-state%3Dymkk3kvvx_45
  3. http://e.vnexpress.net/news/business/vietnam-s-flexible-exchange-rate-regime-needs-more-transparency-world-bank-3385110.html  
  4. https://www.state.gov/r/pa/ei/bgn/4130.htm
  5. http://databank.worldbank.org/data/download/GDP.pdf
  6. http://atlas.media.mit.edu/en/profile/country/vnm/
  7.  http://atlas.media.mit.edu/en/profile/country/usa/