FX pressures to subside toward year-end

Since the beginning of 2025, the Vietnamese dong has depreciated by approximately 3.5%, reflecting heightened exchange rate pressures following the return of President Trump and the ensuing global trade tensions. However, as the year draws to a close, these pressures are expected to ease amid signs of moderation in reciprocal tariffs and global trade uncertainty, at least from Vietnam’s perspective. Supported by a sustained trade surplus despite tariff impacts, expected robust year-end remittance inflows, and growing expectations of Fed rate cuts, the USDVND exchange rate is projected to remain broadly stable toward year-end.