The State Bank of Vietnam’s has set the exchange rate of the Vietnamese dong at 24,005 to the US dollar, which is an all-time high according to The Investor. Note that this rate is a peg and local traders are only permitted to trade VND in a band five percent either side. On the higher end, theoretically this could see the dollar hit VND 25,205.
Of note: The last time the Vietnamese dong was this high, was in October and November of 2022 after a series of interest rate cuts. After a series of rate hikes upward pressure saw the value of the dong spike over a matter of days. Around a month later it settled back down in the 23,000 to 24,000 range. This time, however, it’s been a slow and steady increase since around the start of April