This move comes after the State Bank of Vietnam (SBV) launched a foreign exchange swap (FX Swap) operation with a maximum size of US$2 billion and a maturity of 182 days starting November 6th. Experts from the Analysis Department of An Binh Securities Joint Stock Company (ABS Research) informed reporters that, unlike swaps with a VND repayment period, the spot foreign exchange purchase operation does not include a commitment to resell USD, thereby supplementing VND sources without a defined repayment period.
According to ABS Research, with an exchange rate of VND 25,500/USD, every VND 1 billion purchased by the State Bank of Vietnam corresponds to approximately VND 25,500 billion supplied to the market. However, the actual scale of the impact depends on the amount of foreign currency sold by credit institutions to the State Bank of Vietnam.
This is also a factor of interest to the market because the State Bank of Vietnam has not yet announced the limit on foreign currency purchases per session, nor the total expected scale of the program. Therefore, the amount of additional VND liquidity through this operation will depend on market conditions and actual transaction demand.
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| State Bank of Vietnam buys foreign currency on the spot market: Supporting liquidity and strengthening foreign exchange reserves. |
The availability of additional VND supply channels is expected to support credit institutions in meeting increased capital demand towards the end of the year. According to data compiled by ABS Research, the overnight VND interest rate in the interbank market increased from 3.7% on November 3rd to 4.60% on November 9th. During the same period, outstanding open market operations (OMO) increased from VND 116,381 billion to VND 124,862 billion.
This development indicates that the banking system’s liquidity needs continue to exist in the final months of the year. In this context, the State Bank of Vietnam’s implementation of additional spot foreign exchange purchases, alongside existing monetary policy tools, helps diversify the methods of supplying capital to the market.
Compared to funding through Open Market Operations (OMO) or time-delayed foreign exchange swaps, VND from spot foreign exchange purchases does not incur a repayment obligation on a specific maturity date. This is a point that ABS Research considers significant for supporting the capital balance of banks.
In addition to impacting liquidity, foreign currency purchases also enable the State Bank of Vietnam to replenish its foreign exchange reserves when the supply of foreign currency in the market is favorable.
The foreign currency purchase program is taking place as the USD/VND exchange rate in the interbank market has decreased compared to the previous period. On November 9th, the interbank exchange rate was 25,547 VND/USD, 47 dong higher than the new foreign currency purchase rate announced by the State Bank of Vietnam.
The relatively small gap between the market exchange rate and the State Bank of Vietnam’s buying rate provides a basis for credit institutions to consider conducting transactions when they have suitable foreign currency sources.
In addition, the supply of foreign currency from export activities, remittances, foreign investment, and international capital flows are also factors that could support foreign currency purchases in the coming period.
Discussing this issue, ACB’s Financial Markets Division noted that the USD/VND exchange rate in the interbank market has decreased significantly compared to its peak in early August 2026, at one point falling to 25,480 VND/USD during the trading session on November 9th, the lowest since mid-March 2025. According to ACB, the exchange rate range of 25,450–25,500 VND/USD is playing an important supporting role in the context of relatively abundant USD supply in the market, while foreign currency demand has not seen significant spikes. With the prospect of increased remittances, foreign loans, and FDI disbursements from now until the Lunar New Year, ACB expects the State Bank of Vietnam to have more conditions to purchase foreign currency, and forecasts that the USD/VND exchange rate may stabilize around 25,500–25,600 VND/USD in the short term.
From another perspective, ABS Research views spot foreign exchange purchases as being implemented during a period when capital demand for production, business, and payments typically increases towards the end of the year. Meanwhile, the supply of foreign currency from external economic activities can create favorable conditions for the State Bank of Vietnam to make these purchases.
Experts assess that the additional VND liquidity could help reduce short-term capital balance pressure, enabling banks to stabilize capital costs and support interest rates. However, the extent of the impact depends on the scale of foreign currency purchased, credit demand, actual liquidity situation, and the coordination of monetary policy instruments.
Overall, the spot foreign exchange purchase operation, following the previous foreign exchange swap activity, demonstrates the State Bank of Vietnam’s flexibility in managing the money market. This tool not only supplements VND reserves without a repayment term but also facilitates the consolidation of foreign exchange reserves when market conditions are favorable. The actual impact will depend on the transaction volume, exchange rate movements, and the liquidity situation of the banking system in the coming period.
