At a glance
- Vietcombank’s dollar rate dropped to VND25,990 in late October, the lowest since April 2025 and about 1.5% below the start of the year.
- People who need to buy dollars (travel, overseas study, dollar debt payments) benefit; people who convert dollars into dong or receive remittances lose out.
- On 2 November the unofficial market rebounded about 1.1% to VND26,050, widening the gap with bank rates.
- MB Securities and UOB point to a possibly stronger dollar toward year-end and a narrowing US-Vietnam interest-rate gap, so pressure on the exchange rate may continue.
- Plan exchanges and transfers by purpose rather than all at once, and confirm tax and reporting details with a professional.
What changed: the dollar is at its lowest against the dong in about 18 months
According to reports on 31 October, Vietcombank cut its dollar rate by 1% to VND25,990. That is the lowest level since April 2025. On the same day, the dollar fell 1.64% to VND25,780 on the unofficial (black) market.
Bank rates are now about 1.5% lower than at the start of the year. In other words, the dong has gained against the dollar over the past 10 months. The report does not say whether the VND25,990 figure is the buying or the selling rate, so check your own bank’s buy and sell quotes before any transaction [needs verification].
Key numbers at a glance
| Item | Figure | Date |
|---|---|---|
| Vietcombank dollar rate | VND25,990 (down 1%, lowest since April 2025) | 31 Oct |
| Unofficial market dollar rate | VND25,780 (down 1.64%) | 31 Oct |
| Unofficial market dollar rate | VND26,050 (up nearly 1.1%) | 2 Nov |
| State Bank of Vietnam reference rate | VND25,631 (down 0.02%) | 2 Nov |
| Global dollar index | About 101.8 (on track for a second monthly gain) | Late Oct to early Nov |
The unofficial market fell 1.64% and then bounced back by almost 1.1% within two days. Using that market as your benchmark can therefore mislead you. Over the same period Vietcombank’s rate barely moved from around VND25,990.
Who gains and who loses
Better off: people who need to buy dollars
- Travel or business-trip budgets set in dollars
- Overseas tuition or other education costs paid in dollars
- Repayments on dollar-denominated loans or debts
For these cases, the report notes that the same amount of dollars now costs fewer dong. A household that earns in dong and spends in dollars will feel slightly less pressure.
Worse off: people who convert dollars into dong
- Those who hold dollars and exchange them for living expenses
- Those who receive remittances in dollars and convert them to dong
The same dollar amount now buys fewer dong than at the start of the year. If you send money into Vietnam from abroad for living costs or business funding, the same logic applies, but your own currency matters. The sources give no rates for other currencies against the dong, so the real gain or loss on a route such as home currency to dollar to dong depends on that extra exchange rate too [needs verification]. For Korean nationals: you would need the won/dollar rate alongside the dollar/dong rate to judge a won-to-dollar-to-dong transfer.
What could move the rate next
The forecasts quoted lean the same way: the dollar may regain strength rather than the dong continuing to climb.
- A stronger dollar toward year-end: Analysts at MB Securities expect the dollar to strengthen in the final months of the year, so exchange-rate pressure is likely to persist.
- High oil prices and US rates: High oil prices are adding to inflationary pressure and reinforcing expectations that the US Federal Reserve will keep rates elevated.
- A narrowing interest-rate gap: UOB points to the Fed’s rate hike in September and the possibility of two more before the first quarter of 2027. That would gradually narrow the gap between Vietnamese and US rates and make the exchange rate more vulnerable to foreign portfolio investment flows.
- US midterm elections: This week’s vote could shift the balance of power in Congress, and major currencies were in a holding pattern ahead of it.
These are views from a few institutions. There is no guarantee the rate will follow them.
Practical steps
- Sort your needs by purpose. Separate spending that must be in dollars over the next six months (tuition, debt repayments, travel) from money you need to convert into dong.
- Avoid doing everything at once. A low rate may be a good moment, or it may fall further. Splitting purchases of the dollars you need is one option to consider. This is not a recommendation to buy or sell at any particular time.
- Compare bank rates and fees. Unofficial quotes swing widely. Compare each bank’s posted rate and transfer fee, and judge by the amount you actually receive.
- Do not budget on a single rate. Leave a margin in case the dollar rises again.
- Check tax and rules with a professional. Exchange and transfer limits, reporting obligations and any personal income tax effects from currency conversion depend on your situation. The source articles do not cover these rules, so ask an accountant or your bank.
Summary
The dollar/dong rate at Vietcombank fell to VND25,990 in late October, the lowest in about 18 months. It favours those buying dollars and hurts those converting dollars into dong or receiving remittances. Volatility is high, as the unofficial market’s one-day rebound showed, and some forecasters expect a stronger dollar toward year-end. A sensible first step is to map which direction your own money flows.
On the ground
✍️ (Write before publishing: 1-2 lines on how this actually plays out locally, or what to watch out for)
Frequently asked questions
Am I losing out by converting dollars into dong now?
Bank rates are about 1.5% lower than at the start of the year, so the same dollars buy fewer dong. Future rates are unknown, so it is better to decide by when and how much you need rather than by trying to time the market.
Can I use the unofficial market rate as a benchmark?
It is very volatile: it fell 1.64% on 31 October and rebounded nearly 1.1% on 2 November. For actual transactions, comparing bank posted rates and fees is safer.
Does the exchange rate change affect personal income tax?
The source articles contain nothing on tax, so this cannot be confirmed here. Ask an accountant or tax professional about conversion methods and reporting [needs verification].
Sources
This article summarises publicly available reports and is not legal, tax or investment advice. Check with the relevant authorities or a qualified adviser before making important decisions.