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# State Bank of Vietnam offers banks up to US$2bn in a six-month FX swap, longer than its earlier swaps
- URL: https://www.theglobalbanker.com/state-bank-of-vietnam-offers-banks-up-to-us-2bn-in-a-six-month-fx-swap-longer-than-its-earlier-swaps/
- Published: 2026-11-06T12:01:36.000Z
- Updated: 2026-11-06T12:01:36.000Z
- Description: The State Bank of Vietnam is offering up to US$2bn in a 182-day foreign exchange swap on 6 November, which could add an estimated VND48,798 billion at most of dong liquidity to the banking system.
- Author: TGB Editorial Team
- Tags: Central Banks, Asia-Pacific, #newsroom, #needs-photo

The State Bank of [Vietnam](https://www.theglobalbanker.com/market-vietnam/) (SBV) is conducting a 182-day foreign exchange swap on 6 November, with a maximum size of US$2bn. It will buy US dollars at a spot rate of VND24,399 per dollar and sell them back at a forward rate of VND24,704.

The operation could inject up to VND48,798 billion (about US$1.9bn) of dong liquidity. The value date is expected to be 9 November 2026, with maturity scheduled for 10 May 2027.

## A CHANGE FROM SHORT SWAPS

Brokerage VPS Securities said the SBV had run several swaps since the start of 2026, typically with maturities of three to 21 days and maximum sizes of US$1bn to US$2bn. In September alone it ran a US$2bn seven-day facility on 21 September and a US$1bn three-day facility on 28 September.

The longer tenor gives banks more flexibility in managing their dong liquidity. By swapping US dollars for dong, lenders can strengthen local-currency liquidity without adding short-term borrowing in the interbank market. The operation is a targeted liquidity management measure rather than a signal of a shift towards broad-based monetary easing, The Investor reported.

The swap reaches a large, bank-centred system. Vietnam's deposit takers held VND27,406tn of assets at end-2025, some 221% of GDP, and the four state-controlled banks, BIDV, VietinBank, Agribank and Vietcombank, held about 41% of the total.

## WHO CAN TAKE PART

Credit institutions and foreign bank branches qualify if they have medium- or long-term foreign loans or international bonds with at least 12 months left to run. Each bank may register for up to 80% of the total, a maximum of US$1.6bn, subject to its eligible foreign currency debt.

Several lenders have raised international syndicated loans this year. VPBank signed a three-year US$1.44bn sustainability-linked syndicated loan in late June, Techcombank secured a US$1bn syndicated loan in the third quarter, ACB raised US$500m in the same quarter and HDBank announced a US$721m social loan in late July.

VPS cautioned that the spread of VND305 per dollar, about 2.51% a year, does not reflect the full funding cost, which also depends on what each bank paid to raise its dollars. Easier interbank conditions could also reduce banks' need to compete aggressively for household and business deposits. The VN-Index rose 1.97% to 1,733.02 on the day the swap was announced.

## THE TGB VIEW

Set against the VND27,406tn of assets that the country's deposit takers held at end-2025, according to TGB's market profile, an injection of at most VND48,798 billion is small, so the 182-day tenor is the change that matters. The rules accept foreign debt with at least 12 months left to run, such as the three-year US$1.44bn syndicated loan VPBank signed in late June; VPBank is one of the joint-stock banks that have gained share, with assets up 36% in 2025\. The dates to watch are 9 November, the expected value date, and 10 May 2027, when the dong liquidity is withdrawn unless the SBV extends or replaces the transactions.