U.S. Dollar to Vietnam Đồng Exchange Rate

Not a good week for VNDUSD.  I went to many currency exchanges today to buy swiss francs, but they all wanted spread of 2.5% or higher to sell dong, whereas in recent weeks the spread had been .5 to 1.5%.  Despite the carnage in USD, the swiss franc was down 2% this week and rated a sell, but the locals are afraid of their own currency it seems, and not without  merit.  Historically speaking the dong just goes down down down, and Vietnam has little interest in a strong currency. 

The following quote is from the thread entitled "Pesky English Teachers."

"On the contrary, my wage has contracted due to a weak dong and inflation, which is beginning to hit here too." -@telescopicPuma

A lot of your complaints may be warranted, but the VND:USD ratio is not your school's fault, or for that matter the government's.   Almost every country in the world has seen its currency fall against the dollar. I am pretty sure the pound (GBP) may be even worse.   This week 1 USD = 1.08 GBP.   A year ago it was 1.34.  Your American barista working in London is taking it on the chin a lot worse than you are.   There are a lot of reasons why everything is falling against the dollar but we can't discuss them here without having the thread locked.  The drop of the Dong for the year is less than 10%.   In Japan the drop is closer to 30%.   You are lucky you don't teach there and get paid in Yen.m here without having the thread locked.  The drop of the Dong for the year is less than 10%.   In Japan the drop is closer to 30%.   You are lucky you don't teach there and get paid in Yen.  I suppose someone will say it's not legal but the trick is to negotiate your pay in Dollars to be paid in Dong.

@THIGV

You may wish to pop back in and have a read from "The drop of the Dong" and edit the duplicate text.

Andy

The following quote is from the thread entitled "Pesky English Teachers."
"On the contrary, my wage has contracted due to a weak dong and inflation, which is beginning to hit here too." -@telescopicPuma

A lot of your complaints may be warranted, but the VND:USD ratio is not your school's fault, or for that matter the government's.  Almost every country in the world has seen its currency fall against the dollar. I am pretty sure the pound (GBP) may be even worse.  This week 1 USD = 1.08 GBP.  A year ago it was 1.34. Your American barista working in London is taking it on the chin a lot worse than you are.  There are a lot of reasons why everything is falling against the dollar but we can't discuss them here without having the thread locked. The drop of the Dong for the year is less than 10%.  In Japan the drop is closer to 30%.  You are lucky you don't teach there and get paid in Yen...(edit)...I suppose someone will say it's not legal but the trick is to negotiate your pay in Dollars to be paid in Dong.
-@THIGV

(Edited to match your apparent intent)

We can discuss a lot about economics without getting shut down.

They trick is to keep from expressing political opinion or specifically mentioning the names of politicians.

Especially verboten: ad hominem attacks against anyone.

Talk about policy, not policy makers.

Keep the comments focused on monetary policy and economics and there shouldn't be any problem.

It's probably worth noting that there is a significant difference between those who truly expatriate here to live and work vs. those who come here to work temporarily with the goal of taking their earnings back home with them to their native country.

The person you quoted appears to be in the latter category; especially feeling the squeeze due to fluctuations in currency valuations.

About the dollar/đồng salary:

I'm pretty sure you are right: under decree 88, a school isn't supposed to advertise in or write a contract in foreign currency.

It would definitely be quite the trick to get an agreement to do as you have described.

(Google Translation of Vietnam Express article)

Bank USD up to nearly 24,000 dong

The USD price on the official market continued to increase and for the first time reached a record level of nearly 24,000 VND.

Banks continuously adjusted the USD price today (September 29) and by 15:30, USD in the banking market simultaneously broke the 23,900 dong mark. There are at least 4 banks on the market with selling prices close to 24,000 dong.

At Vietcombank, just today, this bank has adjusted the USD price nearly ten times. By 16:00, the USD/VND exchange rate increased sharply by 60 VND compared to yesterday to 23,640 - 23,950 VND. The strong momentum in recent months has pulled the USD/VND exchange rate at Vietcombank up more than 4.5% compared to the beginning of the year.

(Latest Google search results for USD/VND)

@THIGV
You may wish to pop back in and have a read from "The drop of the Dong" and edit the duplicate text.

Andy
-@AndyHCMC

I saw your correct comment too late to edit, but I guess the message comes through.    The currency fall is a lot greater in other countries including some that would be considered major economies.  I originally wrote my comment in the other thread but it would have been off-topic there.   I expect it got messed up copying it over.   Thanks.

We can discuss a lot about economics without getting shut down.

They trick is to keep from expressing political opinion or specifically mentioning the names of politicians.

Especially verboten: ad hominem attacks against anyone.

Talk about policy, not policy makers.

Keep the comments focused on monetary policy and economics and there shouldn't be any problem.

-@OceanBeach92107.

It's often hard to separate monetary policy, politics, and personalities.  Many international journalists are ascribing the fall of the Pound to the recently announced policies of the new British Prime Minister.  I won't say any more.

"It's probably worth noting that there is a significant difference between those who truly expatriate here to live and work vs. those who come here to work temporarily with the goal of taking their earnings back home with them to their native country.

The person you quoted appears to be in the latter category; especially feeling the squeeze due to fluctuations in currency valuations."  -@OceanBeach92107.

I had thought the same but you have expressed the idea better than I could have.  A similar distinction would be wage earners and retirees.

About the dollar/đồng salary:

I'm pretty sure you are right: under decree 88, a school isn't supposed to advertise in or write a contract in foreign currency.

It would definitely be quite the trick to get an agreement to do as you have described.
-@OceanBeach92107

Certainly no written contract but I expect many teachers have at least a verbal expectation of a salary in dollar terms, in which case they are protected from the drop and actually gain from it, as do pensioners.

I can't seem to master splitting up quotes in the new system so I have put my comments in red italics.

It's often hard to separate monetary policy, politics, and personalities. Many international journalists are ascribing the fall of the Pound to the recently announced policies of the new British Prime Minister. I won't say any more. @THIGV

Why?

Certainly you can mention the policies of "the current government" without needing to mention the name of the person or your opinion of them?

It's often hard to separate monetary policy, politics, and personalities. Many international journalists are ascribing the fall of the Pound to the recently announced policies of the new British Prime Minister. I won't say any more. @THIGV

Why?

Certainly you can mention the policies of "the current government" without needing to mention the name of the person or your opinion of them?
-@OceanBeach92107

Well it is certainly common knowledge that the current Prime Minister of the UK is Conservative Party leader Liz Truss.  The most recent drop came after her announcement that she would cut income taxes on Britain's high earners.  Markets read this to mean higher government deficits, hence the currency fall. If you want to stay apolitical you could call this Chicago School economics but for most people it is known as the "trickle down" economics of Ronald Reagan and Margaret Thatcher. In the end most economic questions become political but as both Reagan and Thatcher are both gone, I suppose it is OK to bring up their ghosts. 

Hello everyone,

Beyond this point, let us concentrate on the economic policies of the countries.

Like in all countries, there is also a central bank that monitors the situation and implement those policies.

Read somewhere on this same thread that it is the FED for the USA, what would be the regulatory body for Vietnam ?

Exchange rates also depend on demand/supply of these currencies and availability.

All the best,

Bhavna

Hello everyone,
Beyond this point, let us concentrate on the economic policies of the countries.

Like in all countries, there is also a central bank that monitors the situation and implement those policies.

Read somewhere on this same thread that it is the FED for the USA, what would be the regulatory body for Vietnam ?

Exchange rates also depend on demand/supply of these currencies and availability.

All the best,
Bhavna
-@Bhavna

First not all countries have an truly independent central bank.  Even in the US it is a constant struggle for the FED to maintain its independence from Presidents and Treasury Secretaries. The recent problems with the GBP are not the the actions of the Bank of England, the central bank only since 1946.  It is governmental tax policy.  PM Truss has clearly stated her intentions to cut taxes and as she heads a Parliamentary government and given the relatively slim majority her party holds, it is unlikely that they will turn her down and risk a no confidence vote. Currency traders have responded to her intentions.

In Vietnam the State Bank of Vietnam is not independent in the sense that the US Fed is.  In fact the Governor who heads the bank, is a member of the government as a member of the Central Executive Committee of the Communist Party, which effectively is the Prime Minister's Cabinet.   I would ask you Bhvana, who do think has the final say in Vietnam?

@THIGV

given the relatively slim majority her party holds, it is unlikely that they will turn her down and risk a no confidence vote.......think you got that one wrong, the tories have a working majority of 71, never before in recent history have they had a majority like that.

Long before Liz Truss came to be PM & announced her tax cuts the GBP & the EURO were at 15 year+- lows against the USD.

Its also quite easy in my opinion to figure out why the USD is so strong, more than 6 months ago the FED indicated they would aggressively raise interest rates to beat inflation & thats what they did but the BOE & the ECB held back & are now only playing catch up. Thus why I can get 2.71 % PA on 3 months usd term, 2.25 % PA on 3 months GBP & zilch on EURO.

There has also been a sell off on gold & stock markets predominantly into USD.

.....think you got that one wrong, the tories have a working majority of 71, never before in recent history have they had a majority like that.

-@goodolboy

I stand corrected on the matter of the majority but the issue of the proposed tax cuts being detrimental to the GBP was published several times in a broad range of publications both left and right, and British and American.  The Tories might have been talking about them for a while, but now the press is thinking that Truss and her Chancellor of the Exchequer Kwarteng are serious when compared to Boris Johnson.   But then most anyone looks serious compared to Boris.

.....think you got that one wrong, the tories have a working majority of 71, never before in recent history have they had a majority like that.

-@goodolboy
I stand corrected on the matter of the majority but the issue of the proposed tax cuts being detrimental to the GBP was published several times in a broad range of publications both left and right, and British and American. The Tories might have been talking about them for a while, but now the press is thinking that Truss and her Chancellor of the Exchequer Kwarteng are serious when compared to Boris Johnson.  But then most anyone looks serious compared to Boris.
-@THIGV

no point in getting into a great debate about it but the GBP has been in a steady decline since May 2021 as has the EURO. Both the GBP & the EURO charts since May are virtually the same including the drop last & then recovery last week back to pre her tax cuts announcement.

Personally for what its worth being a UK citizen who for the most part of my working life I have been paid & saved/invested my money in USD I cant wait & live in hope that the GBP exchange to USD goes 1 for 1!

but the issue of the proposed tax cuts being detrimental to the GBP was published several times in a broad range of publications both left and right, and British and American.......... as a long time 30+ years amateur stock & currency trader there is one thing I learned early on & that is there are no experts be they financial advisors, financial commentators on TV etc & for every expert view there is an opposite expert view .

SEE CHART BELOW

Confirmation bias is a real thing.

Another reason it's good to stick to talking about policies and avoid discussing politicians

Confirmation bias is a real thing.
Another reason it's good to stick to talking about policies and avoid discussing politicians
-@OceanBeach92107

Respectfully, this is where we disagree.   I feel that economic policy in particular is inseparable from political policy and hence which politicians are espousing said policy.   Remember that both words, policy and political, derive from the ancient Greek word polis.

Anyway we seem to have beat this horse to death, if that's an allowable expression.   Have a nice evening.

The following quote is from the thread entitled "Pesky English Teachers."
"On the contrary, my wage has contracted due to a weak dong and inflation, which is beginning to hit here too." -@telescopicPuma

A lot of your complaints may be warranted, but the VND:USD ratio is not your school's fault, or for that matter the government's.  Almost every country in the world has seen its currency fall against the dollar. I am pretty sure the pound (GBP) may be even worse.  This week 1 USD = 1.08 GBP.  A year ago it was 1.34. Your American barista working in London is taking it on the chin a lot worse than you are.  There are a lot of reasons why everything is falling against the dollar but we can't discuss them here without having the thread locked. The drop of the Dong for the year is less than 10%.  In Japan the drop is closer to 30%.  You are lucky you don't teach there and get paid in Yen.m here without having the thread locked. The drop of the Dong for the year is less than 10%.  In Japan the drop is closer to 30%.  You are lucky you don't teach there and get paid in Yen. I suppose someone will say it's not legal but the trick is to negotiate your pay in Dollars to be paid in Dong.
-@THIGV

I didn't say it was anyone's fault.  But as a practical matter foreigners will not stay on current contracts if the dong veers too far from their own currency.   

And as I alluded to with CHF, the dong has done surprisingly well against most other major currencies.  So in theory there are still many ways to get out ahead. Nonetheless locals really don't seem to share your sanguine appraisal of the dong, an apparent psychological weakness in the currency that can likely be attributed to its well-established downward trend over the last 2O years.

I am only "lucky" compared to people who already signed contracts in harder hit countries.  More accurately, I have been the least screwed by market conditions so far.  New teachers coming in should definitely hold out for more as schools are just banging their heads against the wall to find teachers right now, while the govt works against them to scrutinize foreigners as much as  possible.

For now I sit and wait and watch.  No one can predict where it will go, but more than 15% drop and I would  look for a new job.

Anyone finding a way to make money temporarily in Vietnam--with an eye toward cashing in one day and returning "home"--sees bad news and even unfairness in the current exchange rates.

Anyone earning income here as a "permanent" resident (without any intention of living elsewhere) is probably seeing a fairly stable domestic economic picture when it comes to costs for fresh groceries, lodging, etc (see the Cost of Living thread).

On topic with the subject of this thread, those whose income is US Dollars generated in the USA are pretty happy with current rates.

POV

Went to the currency exchange today and they gave me the spot rate to sell dong xD

Either they werent paying attention, or they know something I dont... or the gov is twisting their arm

Inevitable...

Inevitable...

-@OceanBeach92107

Strange really, I went to the money changer I use & it had gone from 24,300 (when I changed 2 weeks back) to 23,800 as of 4 days ago. Time for a re visit I think!!

Inevitable...

-@OceanBeach92107
Strange really, I went to the money changer I use & it had gone from 24,300 (when I changed 2 weeks back) to 23,800 as of 4 days ago. Time for a re visit I think!!
-@goodolboy

Maybe they were betting on the USD having met resistance?

Strange really, I went to the money changer I use & it had gone from 24,300 (when I changed 2 weeks back) to 23,800 as of 4 days ago. Time for a re visit I think!!
-@goodolboy

No currency exchange I have ever been to outside of Vietnam  gives the spot rate (or in this case better).  The govt must be twisting their arm or subsidizing these rates, otherwise they wouldn't be in business!  And the Vietnamese don't often overlook a chance to make money, so I cant believe it was a mistake...

$1 - ₫25,000

₫24,873.50 was nice while it lasted:

One good thing for me:

On November 1st, I withdrew a sizeable chunk of VNĐ via an MB Bank ATM from my Schwab account and had my wife deposit the cash into her Agribank account and then transfer it to my Agribank domestic account.

After ATM fee rebate (December 1st) that's a totally fee-free transfer & deposit, the value of which (vs the Dollar) has appreciated, so far...

Anyone living on US dollars in Vietnam:

This is USA inflation catching up with you..

Best by far is the little known shop Goodoldboy uses...he always finds the best rates..

Best by far is the little known shop Goodoldboy uses...he always finds the best rates..
-@Jlgarbutt

Definitely.

He may still be able to get 24,000+

If I were a technical analyst (and I'm definitely not) I might think that resistance has been met at ₫23,432 (17 January) and now things are looking better for us Yanks:

Whatever's in store, we are still up from ₫22,690 a year ago.

I'm terribly jealous of USD holders, I'm getting destroyed with my CAD.

If I were a technical analyst (and I'm definitely not) I might think that resistance has been met at ₫23,432 (17 January) and now things are looking better for us Yanks:

Whatever's in store, we are still up from ₫22,690 a year ago.
-@OceanBeach92107

Not only you yanks have USD accounts. But you know something that has changed & is a sign of the times I suppose with Vietnam going all legit. My usual money change shop is quoting me less than at the bank now & I went to a gold shop the other day & they would not even let me in the door & shouted .......no change... money no change money & they looked decidedly frightened. Just checked Sacombank right now & they are quoting 23,415

My Lady tells me the same, we have been exchanging dollars at the same Gold Shop for 15 years or more, and last week, they told her 22,500 for a $$, no more............I xfer money in $$ and she exchanges it there...........first time in my 22 years associated with Vietnam that the Bank gave a better rate than a Gold Shop...............may be something underfoot that we don't know about.................still today's bank rate of 23,662 is not anything to sneeze at.     Peace

What can you buy USD for at the gold shops?  I might take some money home this week.

If I were a technical analyst (and I'm definitely not) I might think that resistance has been met at ₫23,432 (17 January) and now things are looking better for us Yanks:

Whatever's in store, we are still up from ₫22,690 a year ago.
-@OceanBeach92107
Not only you yanks have USD accounts. But you know something that has changed & is a sign of the times I suppose with Vietnam going all legit. My usual money change shop is quoting me less than at the bank now & I went to a gold shop the other day & they would not even let me in the door & shouted .......no change... money no change money & they looked decidedly frightened. Just checked Sacombank right now & they are quoting 23,415
-@goodolboy

and

What can you buy USD for at the gold shops? I might take some money home this week. -@SteinNebraska

I don't know the current price (considering recent volatility & anecdotal reports, guessing about ₫23,450 for 1 USD might work) but this business news article from November probably holds a clue not reflected in the headline, in that the HCMC branch of the "State Bank" started a crackdown on legal credit institutions for various practices, so Gold Shops may be feeling extra heat these days (as was already being reported last October)

If I were a technical analyst (and I'm definitely not) I might think that resistance has been met at ₫23,432 (17 January) and now things are looking better for us Yanks:

Whatever's in store, we are still up from ₫22,690 a year ago.
-@OceanBeach92107
Not only you yanks have USD accounts. But you know something that has changed & is a sign of the times I suppose with Vietnam going all legit. My usual money change shop is quoting me less than at the bank now & I went to a gold shop the other day & they would not even let me in the door & shouted .......no change... money no change money & they looked decidedly frightened. Just checked Sacombank right now & they are quoting 23,415
-@goodolboy

and

What can you buy USD for at the gold shops? I might take some money home this week. -@SteinNebraska


I don't know the current price (considering recent volatility & anecdotal reports, guessing about ₫23,450 for 1 USD might work) but this business news article from November probably holds a clue not reflected in the headline, in that the HCMC branch of the "State Bank" started a crackdown on legal credit institutions for various practices, so Gold Shops may be feeling extra heat these days (as was already being reported last October)
-@OceanBeach92107

Just changed some USD at Sacombank this morning 23,685 exchange rate.

If I were a technical analyst (and I'm definitely not) I might think that resistance has been met at ₫23,432 (17 January) and now things are looking better for us Yanks:

Whatever's in store, we are still up from ₫22,690 a year ago. @OceanBeach92107

Not only you yanks have USD accounts. But you know something that has changed & is a sign of the times I suppose with Vietnam going all legit. My usual money change shop is quoting me less than at the bank now & I went to a gold shop the other day & they would not even let me in the door & shouted .......no change... money no change money & they looked decidedly frightened. Just checked Sacombank right now & they are quoting 23,415 -@goodolboy

and

What can you buy USD for at the gold shops? I might take some money home this week. -@SteinNebraska

I don't know the current price (considering recent volatility & anecdotal reports, guessing about ₫23,450 for 1 USD might work) but this business news article from November probably holds a clue not reflected in the headline, in that the HCMC branch of the "State Bank" started a crackdown on legal credit institutions for various practices, so Gold Shops may be feeling extra heat these days (as was already being reported last October)-@OceanBeach92107

Just changed some USD at Sacombank this morning 23,685 exchange rate.
-@goodolboy

Seems they are still hedging their bets compared to the great exchange rates you used to get 😔

Hopefully SteinNebraska made his purchase already.

It definitely looks to be trending up again:

If I were a technical analyst (and I'm definitely not) I might think that resistance has been met at ₫23,432 (17 January) and now things are looking better for us Yanks:

Whatever's in store, we are still up from ₫22,690 a year ago. @OceanBeach92107


Not only you yanks have USD accounts. But you know something that has changed & is a sign of the times I suppose with Vietnam going all legit. My usual money change shop is quoting me less than at the bank now & I went to a gold shop the other day & they would not even let me in the door & shouted .......no change... money no change money & they looked decidedly frightened. Just checked Sacombank right now & they are quoting 23,415 -@goodolboy

and
What can you buy USD for at the gold shops? I might take some money home this week. -@SteinNebraska

I don't know the current price (considering recent volatility & anecdotal reports, guessing about ₫23,450 for 1 USD might work) but this business news article from November probably holds a clue not reflected in the headline, in that the HCMC branch of the "State Bank" started a crackdown on legal credit institutions for various practices, so Gold Shops may be feeling extra heat these days (as was already being reported last October)-@OceanBeach92107


Just changed some USD at Sacombank this morning 23,685 exchange rate.
-@goodolboy

Seems they are still hedging their bets compared to the great exchange rates you used to get 😔

Hopefully SteinNebraska made his purchase already.

It definitely looks to be trending up again:


-@OceanBeach92107

Seems they are still hedging their bets compared to the great exchange rates you used to get 😔

Looks like them days are over OB.........well for now anyways! but I have seen this a couple of times over the years & eventually everything gets back to the way it was.......but must say with the Visas & exchange rate etc it seems like things are changing, probably as Vietnam opens up to the ways of the outside world.

As a similar but totally different subject I worked in Poland 1981 to 1982 when it was still behind the Iron Curtain & it was a very similar situation there where even the cops wanted to change hard money USD for Polish Zloty with you on the side & at that time they would give you 10 times the official rate. Rip roaring night into morning on the town with the company of a beautiful lady, drinking Russian Champaign all night, great cabaret show & all for 5 usd .................ah them were the days!

Hopefully SteinNebraska made his purchase already.

It definitely looks to be trending up again:


-@OceanBeach92107

I decided to hold off this trip.  Maybe in May or June.

When I started this thread, a key purpose was providing information to those thinking about relocating here.

Here's what can happen in one month (just in time for my US Government pension payday..)

I got 23,330 at Sacombank this morning & 23,130 from Schwab at atm a couple of days back! With a 2.13 usd ATM fee rebate