The State Bank of Vietnam–the SBV–has begun spending US dollars in its foreign reserves to prevent the dong from sliding further against the US dollar Bloomberg is reporting. This follows on from a series of treasury bill issuances over the last month or so that have done very little to reduce pressure on the local currency.
The SBV claims to have around US$100 million in reserves, however, the ASEAN Macroeconomic Research Office estimated Vietnam’s reserves to be around US$89.7 billion at the end of 2023. The SBV doesn’t publish official data on the size of its reserves.