The State Bank of Vietnam continued to adjust the daily reference exchange rate down on August 21, setting the rate at 22,679 VND/USD, 5 VND lower than the rate on the previous day.
The daily reference exchange rate was set at 22,679 VND/USD on August 21 (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam continued to adjustthe daily reference exchange rate down on August 21, setting the rate at 22,679VND/USD, 5 VND lower than the rate on the previous day.
With the current trading band of +/- 3 percent, the ceiling rate appliedto commercial banks during the day is 23,359 VND/USD and the floor rate 21,999VND/USD.
The opening hour rates at commercial banks saw mixed fluctuations comparedto August 20.
Vietcombank cut both rates by 25 VND, listing the buying rate at 23,230VND/US and the selling rate at 23,310 VND/USD.
The rates at BIDV also went down by 25 VND to 23,230 VND/USD (buying)and 23,310 VND/USD (selling).
Vietinbank raise the buying rate by 10 VND to 23,232 VND/USD and keptthe selling rate unchanged at 23,312 VND/USD.
This is the second consecutive day this week that the daily referenceexchange rate was adjusted down.-VNA
The Government will have to decide either to devalue the Vietnamese dong further against the US dollar to support exports and avoid cheaper Chinese goods to flood in the local market, or keep the USD/VND exchange rate stable to avoid increased public debt and control inflation as the US-China trade war accelerates.
As the exchange rate between USD and Vietnamese dong has surged in the past two months, exporters are eager for extra profits they can earn for each batch of goods.
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The State Bank of Vietnam adjusted the daily reference exchange rate down 5 VND to 22,684 VND/USD on the first day of the week (August 20), continuing the downward trend from August 17.
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The daily reference exchange rate was set at 22,679 VND/USD on August 21 (Photo: VNA) 
