USDVND cautious ahead of U.S. “Liberation Day”

This week, the SBV injected liquidity into the banking system, albeit at a modest level, while USDVND nearly unchanged. Interbank rates steepened as short-term rates, particularly the overnight rate—declined sharply, while longer-term rates increased. The greenback weakened ahead of U.S. inflation data and mounting concerns over an escalating trade war, which fueled fears about the U.S. economic outlook. Looking ahead, all eyes will be on Trump’s so-called “Liberation Day,” the day the U.S. is expected to unveil its reciprocal tariff measures against key trading partners. This is anticipated to mark the official start of a new round of trade tensions under Trump’s return, and Vietnam could face certain impacts depending on how the tariff measures unfold.