The issue of exchange rate adjustment has not yet been considered.

This was the statement made by a representative of the Monetary Policy Department (State Bank of Vietnam - SBV) in an exchange with a reporter from the Government's online portal on the afternoon of February 20th, regarding some opinions suggesting that an upward adjustment of the foreign exchange rate should be considered in the near future.

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According to this representative, raising the exchange rate is not advisable at this time, as it would create inflationary pressure, especially given that there are many factors contributing to increased inflation in the future, particularly the consumer price index which rose by 1.25% in January and is expected to increase further in February (the Lunar New Year month).

For Vietnam, domestic production relies heavily on imported raw materials. Adjustments to the exchange rate would increase the price of exported goods in VND, contributing to inflation. Furthermore, adjustments should consider several factors, such as the increased foreign debt repayment obligations in VND, which would create additional financial strain on the budget.

Although currency devaluation may immediately benefit exports, it creates psychological instability and reduces confidence in the Vietnamese dong.

Sharing this view, some experts also believe that the State Bank of Vietnam should not devalue the currency but should allow the exchange rate to fluctuate within a 3% limit in 2013.

I recall that in early 2012, analysts also expressed concerns that the exchange rate would need a significant adjustment, increasing by about 8-10% against the USD, but ultimately this did not happen.

As of the evening of February 20th, the State Bank of Vietnam (SBV) maintained the average interbank exchange rate at 20,828 VND/USD, unchanged throughout the period. The highest selling price of USD on the market was lower than the permitted exchange rate ceiling of 21,036 VND/USD.

According to (Chinhphu.vn) - LT