Compared to before Tet, the USD selling price of commercial banks has increased by about 80 VND - Photo: Quang Phuc.

At the Bank for Foreign Trade of Vietnam (Vietcombank), the USD selling price on the online chart adjusted at the end of this morning continued to increase by 10 VND compared to yesterday, to 22,785 VND.

That is also a fairly common listing rate at many commercial banks.

However, at some members, such as Saigon Thuong Tin Commercial Bank (Sacombank), the selling price of USD cash has reached 22,801 VND. This is also the highest level in the past year.

In 2017, the USD/VND exchange rate also had similar developments as in early 2018.

After the Lunar New Year holiday, the USD price of banks rebounded strongly and quickly, reaching 22,800 VND at the end of February 2017, then continuously decreased and reached the "bottom" of 22,620 VND at the beginning of April 2017 - also the time when the State Bank strongly increased the buying price to stop the fall.

This year, the USD/VND exchange rate also rebounded quite quickly and strongly when the market reopened after the holiday. Compared to before Tet, the USD selling price of commercial banks increased by about 80 VND.

In the interbank market, the USD price also continuously increased and was more than 40 VND higher than the reference buying price of the State Bank of Vietnam.

There is a related factor, after Tet, the cash flow gradually returned to the bank, the large amount of VND used to buy foreign currency before accumulated, the VND interest rate on the interbank market continuously decreased sharply (for example, the overnight VND interest rate fell below 2%/year after soaring to over 4%/year before Tet).

The State Bank has also quickly taken action. One day after the market reopened, the regulator stepped up the issuance of treasury bills to absorb some of the money. The scale of treasury bill issuance was pushed up to VND20,000 billion in bids in yesterday's session (February 26).