Stacks of U.S. dollars sit in front of a woman holding several greenbacks in Vietnam. Photo: Quang Dinh / Tuoi Tre
The State Bank of Vietnam (SBV) sent a notice on Friday requesting that the agencies coordinate in supervising both official and unofficial foreign exchange transactions.
The central bank cited recent fluctuations in the global economy and growing discrepancies between unofficial market rates and those within the banking system.
The SBV said it regularly directs credit institutions to comply with foreign exchange regulations and implement measures to stabilize the market and minimize risks to the banking system.
It also urged the ministries to inspect, supervise, and manage foreign exchange activities by organizations and individuals, particularly illegal trading.
Authorities are expected to report violations to the SBV so timely measures can be taken.
The U.S. dollar has been rising sharply on Vietnam's unofficial market over the past four months.
As of 4:30 pm on Saturday, the greenback traded around VND27,455–27,575, up VND146 from Friday.
By contrast, the central bank's reference rate was VND23,894–26,302 to the dollar on Saturday.
On the official banking market, Vietcombank quoted VND26,082 to buy and VND26,352 to sell, while BIDV offered VND26,133 and VND26,352, respectively.
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