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# State Bank of Vietnam starts buying dollars from banks at VND25,500 to add dong liquidity for the year-end peak
- URL: https://www.theglobalbanker.com/state-bank-of-vietnam-starts-buying-dollars-from-banks-at-vnd25-500-to-add-dong-liquidity-for-the-year-end-peak/
- Published: 2026-11-11T09:44:39.000Z
- Updated: 2026-11-11T09:44:39.000Z
- Description: The State Bank of Vietnam begins buying US dollars from banks at VND25,500 per dollar on Wednesday, opening another channel to supply dong to the banking system during the year-end peak.
- Author: TGB Editorial Team
- Tags: Central Banks, Asia-Pacific, #newsroom, #needs-photo

The State Bank of [Vietnam](https://www.theglobalbanker.com/market-vietnam/) (SBV) begins buying US dollars at VND25,500 per dollar on Wednesday, opening an additional channel for supplying dong to the banking system during the year-end peak. The move is part of broader efforts to ease liquidity pressures and lower interest rates. The central bank will buy on Mondays and Wednesdays each week, moving a session to the next working day if it falls on a public holiday.

Eligible sellers are credit institutions and foreign bank branches with positive foreign currency positions. Each can sell at most the amount needed to bring its foreign currency position back to balance, based on its position at the end of the preceding working day. The SBV has yet to announce an overall purchase limit for each session.

## HOW MUCH DONG IT COULD ADD

Experts estimate that every US$1 billion bought would inject about VND25.5 trillion into the banking system. The amount actually injected will depend on the volume of dollars purchased and on other operations that supply or withdraw dong liquidity over the same period.

Nguyen Quang Huy of Nguyen Trai University in Hanoi told Tuoi Tre that the spot purchases would increase the supply of dong and help banks meet rising payment demand towards the end of the year. The purchases could also add to foreign exchange reserves when supply and demand for foreign currency are favourable.

## A BANK-CENTRED SYSTEM

Vietnam's financial system is bank-centred and large relative to the economy: deposit takers held VND27,406 trillion, about US$1.09 trillion, of assets at end-2025, some 221% of GDP. The four state-controlled banks, BIDV, VietinBank, Agribank and Vietcombank, held VND11,227 trillion between them, about 41% of the total.

At the government's October press briefing, SBV Deputy Governor Pham Thanh Ha said demand for capital to support growth remained high while global developments were putting pressure on domestic interest rates. The SBV has been running daily open market operations, refinancing and short-term foreign currency-to-dong swaps, and on 3 November it announced a six-month swap programme to fund credit institutions over a longer period.

## PRESSURE ON BANKS TO CUT RATES

Banks were asked to cut deposit rates by 0.5 to 1 percentage point a year on new deposits of at least six months, creating room for lending rates to fall. For loans to production, business activities and priority sectors, the required reduction was 1.5 to 2 percentage points a year.

By early November, listed deposit rates had fallen by around 0.5 percentage point at state-owned commercial banks and foreign banks, and by 0.5 to 0.7 percentage point at joint-stock commercial banks. In late October, lending rates on new loans had fallen by 0.2 to 0.5 percentage point from mid-month.

The SBV will closely monitor credit growth in the final two months of the year and manage the exchange rate flexibly in line with market developments and foreign currency supply and demand.

## THE TGB VIEW

Deposit takers' assets in Vietnam equal some 221% of GDP, and the four state-controlled banks, among them Vietcombank and BIDV, hold about 41% of them. The SBV's VND25,500 price is below Tuesday's central reference rate of VND25,600 and above the buying rates quoted by Vietcombank (VND25,380 for transfers) and BIDV (VND25,385). With no overall limit yet set for each session, the size of the twice-weekly purchases is the figure to watch.

*Related: [State Bank of Vietnam offers banks up to US$2bn in a six-month FX swap, longer than its earlier swaps](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/)*