Vietnam to widen the trading band of USD/VND to ±5%

Duong Chau Thanh

11:25, 24/10/2022

On October 17, 2022, the State Bank of Vietnam promulgated Decision No. 1747/QD-NHNN on the spot exchange rate between Vietnam Dong and foreign currencies of permitted credit institutions.

According to the Decision, non-bank credit institutions and foreign bank branches permitted to engage in foreign exchange business and provide foreign exchange services (hereinafter referred to as "permitted credit institutions") shall impose the buying rate and spot exchange rate of Vietnam Dong with foreign currencies according to the following principles:

- Regarding US Dollar: the spot exchange rate band shall not exceed ± 5% compared to the central rate disclosed by the State Bank of Vietnam applicable to the specific transaction day.

(Previously, according to Decision No. 1636/QD-NHNN, the spot exchange rate band shall not exceed ± 3%).

- Regarding foreign currencies: the spot exchange rate may be determined by credit institutions.

- The difference between the buying rate and the selling rate may be determined by credit institutions.

Decision No. 1747/QD-NHNN comes into force as of October 17, 2022 and replaces Decision No. 1636/QD-NHNN dated August 18, 2015.

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