The State Bank of Vietnam (SBV) set its central exchange rate at VND 25,093 per US dollar, Friday, up by 2 dong or 0.01 percent from the previous day.
The black market mid-market rate, however, rose to VND 27,825 per US dollar, up 45 dong or 0.16 percent.
Buy and sell rates stood at VND 27,800 and VND 27,850 per US$, respectively, both showing modest increases.
The gap between the SBV rate and the black market mid-market rate widened to VND 2,732, equivalent to a 10.89 percent premium.
The black market continued to trade nearly 11 percent higher than the official rate, reflecting sustained dollar demand amid limited supply.
The Google Finance mid-market rate was VND 26,307 per US$, down 22 dong or 0.08 percent.
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Vietnam exchange rates, 31 October 2025
| 31 Oct | 30 Oct | Change | % | |
| Black Market: Mid-market | 27,825 | 27,780 | 45 | 0.16% |
| SBV: Central Exchange Rate | 25,093 | 25,091 | 2 | 0.01% |
| Google Finance: Mid Market Rate | 26,307 | 26,329 | -22 | -0.08% |
| Black Market: Buy | 27,800 | 27,760 | 40 | 0.14% |
| Black Market: Sell | 27,850 | 27,800 | 50 | 0.18% |
| Spread: SBV / Black Market MM | 2,732 | 2,689 | 43 | -% |
| Spread: SBV / Black Market MM | 10.89% | 10.72% | – | – |
Open market operations
The State Bank of Vietnam (SBV) conducted a total of US$96.84 million in repurchase (repo) operations on 31 October 2025, continuing its recent liquidity injections into the interbank market.
The 14-day tenor dominated with US$38.01 million, followed by US$32.02 million for 28-day repos. The 7-day and 91-day terms accounted for US$9.77 million and US$17.04 million respectively.
No 7-day Treasury bills were issued, indicating the central bank prioritised liquidity support through repos rather than liquidity withdrawal.
Vietnam open market operations, 31 October 2025
| 31 Oct | 30 Oct | |
| Repos – 7 Days US$ | $9,767,538 | $33,423,103 |
| Repos – 14 Days US$ | $38,011,900 | $38,011,900 |
| Repos – 28 Days US$ | $32,024,266 | $4,546,223 |
| Repos – 91 Days US$ | $17,041,115 | $0 |
| T-Bills – 7 Days US$ | 0 | 0 |
Interbank interest rates
Vietnam’s interbank interest rates remained unchanged across all maturities on 31 October 2025, reflecting a stable liquidity environment after the State Bank of Vietnam’s continued repo operations.
The overnight rate held at 4.17 percent, while the 1-week and 2-week tenors stayed at 4.77 percent and 5.38 percent, respectively. The 1-month and 3-month terms were steady at 5.57 percent and 5.67 percent, while the 6-month rate remained at 6.10 percent.
The 9-month tenor was unchanged at 5.10 percent, marking a flat yield curve as interbank liquidity conditions showed no signs of stress.
Vietnam interbank interest rates, 31 October 2025
| 31 Oct | 30 Oct | |
| Overnight | 4.17 | 4.17 |
| 1 Week | 4.77 | 4.77 |
| 2 Weeks | 5.38 | 5.38 |
| 1 Month | 5.57 | 5.57 |
| 3 Months | 5.67 | 5.67 |
| 6 Months | 6.10 | 6.10 |
| 9 Months | 5.10 | 5.10 |
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