The daily reference exchange rate is adjusted down 8 VND on May 16 to 23,056 VND per USD (Photo: VNA)
Hanoi (VNA) - The dailyreference exchange rate is adjusted down 8 VND on May 16 to 23,056 VND per USD.
With the current trading band of +/- 3 percent, the ceiling rate applied by commercial banks for the day is 23,747VND/USD and the floor rate is 22,365 VND/USD.
The opening hour rates atcommercial banks stayed stable.
At 8:15 am, both Vietcombank andBIDV listed the buying rate at 23,250 VND per USD and the selling rate at23,370 VND/USD, unchanged from May 15.
Techcombank also kept the ratesunchanged at 23,230 VND/USD (buying) and 23,370 VND/USD (selling).
The daily reference exchangerate topped 23,000 VND per USD on April 23 and continued to set new highs sincethen. Analysts at the Bao Viet Securities Company (BVSC) attributed the strongrise in the reference exchange rate to escalating trade tension between the USand China.
According to the analysts, thetrade tension brought impacts on the exchange rates of many currencies,including the Vietnam dong.
They said the State Bank ofVietnam has the option of selling US dollars to keep the exchange rate stable.In that case there is a big possibility that the central bank would also pumpcapital through the OMO channel and bonds to keep validity stable and preventsudden surge in inter-bank interest rates, according to the BVSC analystgroup.-VNA
The State Bank of Vietnam (SBV) set the daily reference exchange rate at 23,047 VND per USD on May 13, down 10 VND from the last working day of the previous week (May 10).
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Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
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A Government Office notice on the Deputy PM’s conclusions at a recent meeting to review construction progress of the plants stressed that accelerating the development of power sources is essential and urgent to ensure energy security and meet the demands of two-digit socio-economic growth in the coming period.
The daily reference exchange rate is adjusted down 8 VND on May 16 to 23,056 VND per USD (Photo: VNA) 
