The State Bank of Vietnam (SBV) has directed its local branches in key economic regions to intensify inspections and strictly handle illegal foreign exchange trading, as the gap between official and unofficial exchange rates continues to widen.

 

The central bank instructed its branches in Region I (Hà Nội) and Region II (HCM City and Đồng Nai) to work closely with police to identify and shut down unauthorised money-changing outlets. Reports on enforcement progress must be submitted before November 10.

 

The move follows a sharp rise in the free-market USD/VNĐ rate, which has surged to around VNĐ27,600 per US dollar — significantly higher than the official bank rate. The SBV said the action aims to stabilise the exchange rate, curb speculation and hoarding of foreign currencies, and maintain confidence in the Vietnamese đồng.

 

The central bank also urged ministries and law-enforcement agencies, including the Ministry of Public Security, the Ministry of Industry and Trade and the Government Inspectorate, to strengthen coordination and ensure strict compliance with foreign exchange management regulations.

 

Nguyễn Đức Độ, deputy director of the Institute of Economics and Finance under the Ministry of Finance, said the recent divergence between official and unofficial exchange rates may be driven by short-term factors such as gold price fluctuations or informal demand.

 

“Rising gold prices could prompt higher USD holdings in the informal market, but this impact is largely psychological,” he said, noting that analysis of the grey market remains difficult due to its lack of transparency and official statistics.

 

Độ said most foreign currency transactions for import and export continue to be handled through banks, meaning the unofficial market has little impact on the official exchange rate.

 

On October 30, the SBV set the daily reference rate at VNĐ25,091 per US dollar, unchanged from the previous session. The spot rate was quoted at VNĐ23,887 for buying and VNĐ26,295 for selling.

 

At commercial banks, the dollar traded mostly between VNĐ26,075 and VNĐ26,345 for buying and selling, remaining flat compared with the previous day’s close.

 

Since August 2025, the official exchange rate has shown a slight downward trend, with legitimate foreign currency demand from individuals and businesses fully met. — BIZHUB/VNS