Vietnam Money market – September 2025 – Easing FX pressure allow more space for supportive policies
Posted: Oct 2, 2025
- The SBV resumed net liquidity injections since late Sep, enabling the overnight interbank rate to drop to 3.2% before pivoting back to 4.7% by end-Sep.
- Deposit rates for short-term tenors rose slightly in Sep, while the average 12- month rate of commercial banks ground to a standstill at 4.78% for the third consecutive month.
- We expect the exchange rate to fluctuate in the range of 26,500 – 26,700 VND/USD by year-end, representing a year-to-date increase of 4.1% – 4.9%
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