USDVND rebounds as reciprocal tariffs unveiled

This week, USDVND came under renewed pressure following Trump’s announcement of the outcome of tariff negotiations with Vietnam. Although the final rates were lower than the initially proposed 46%, they remain high, and the inclusion of origin-related conditions is expected to weigh on Vietnam’s trade activity going forward. The competitiveness of Vietnamese exports will also depend on how other countries fare in their own negotiations. In the money market, the SBV continued to inject liquidity, albeit at a modest level, while interbank rates normalized—suggesting that the previous fluctuations were primarily technical adjustments related to the end of the first half. Looking ahead, with the deadline for U.S. tariff negotiations drawing near, many countries are likely to accelerate talks in hopes of securing favorable outcomes. These developments will be crucial in shaping Vietnam’s position in global supply chains, and the exchange rate may experience heightened volatility in the near term.