The Vietnamese dong has been under sustained pressure against the US dollar, with the onshore VND/USD rate repeatedly touching the daily fluctuation ceiling. The State Bank of Vietnam (SBV) has been actively stabilizing market expectations through open market operations and forex reserve deployment.

From a fundamental perspective, narrowing trade surplus, increased repatriation of foreign profits, and a stronger US dollar are the main drivers of dong depreciation. Meanwhile, rising expectations of Fed rate hikes have further intensified depreciation pressure on emerging market currencies.

The SBV has recently taken a series of regulatory measures, including adjusting the reference rate, expanding interbank forex market liquidity, and适度 deploying forex reserves. Market analysts believe that central bank intervention has effectively eased short-term depreciation pressure, but the medium-to-long-term trend still depends on Vietnam export competitiveness and foreign capital inflows.