Vietnam Money market – March 2026 – Mounting exchange rate pressure amid geopolitical tensions
Posted: Apr 1, 2026
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The overnight interbank rate hovered at 9.3% by the end of March, under pressure from the SBV’s net liquidity withdrawal.
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The upward trend in deposit rates spread to state-owned commercial banks in March. By month-end, the average 12-month deposit rate of commercial banks
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stood at 8.07%.
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We expect the USD/VND exchange rate to fluctuate in the range of 26,350 – 26,700 (corresponding to a 0.3% – 1.6% increase compared to the beginning of the year) in Q2/2026.
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