The State Bank of Vietnam is making its first six-month foreign exchange swap, with a 182-day term, and could supply up to 48,800 billion dong to the banking system. It will buy USD at 24,399 dong per dollar on November 9 and sell them back at 24,704 dong per dollar when the term ends, recalling the dong; the actual amount depends on banks' transaction volumes. Previously, the central bank had carried out several swaps of USD 1–2 billion with terms under 30 days to support short-term liquidity. The measure is expected to give banks more abundant dong funding, help ease interest rate levels and support the target of double-digit economic growth. The central bank said it will continue active, prudent and flexible monetary policy, coordinated with fiscal policy to control inflation.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Ngân hàng Nhà nước dự kiến bơm gần 49.000 tỷ qua kênh hoán đổi ngoại tệ
Read the original on VnExpress ↗
Keywords
State Bank of Vietnamexchange ratesinterest ratesinflation
Open a keyword to see other news on the same topic.
Related tickers and likely impact
VNINDEX
▲ Likely positiveRelevance: high
| Market | Vietnam stocks |
|---|---|
| Close on 11/04/2026 | 1,733.02 |
| Change that session | +1.97% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Breaking: State Bank of Vietnam plans long-term liquidity injection for banks
The State Bank of Vietnam plans to inject nearly 48,800 billion dong into the banking system through a 182-day USD/VND swap, with a maximum size of 2 billion USD and a value date of November 9, 2026. Credit institutions sell USD to the SBV to receive VND and commit to repurchase at maturity, at a spot buying rate of 24,399 dong per USD and a forward selling rate of 24,704 dong per USD. This tenor is much longer than the 21-day, 14-day and 7-day swaps conducted in 2026, while the 2 billion USD limit remains unchanged. This time, participation conditions are more specific, applying only to institutions with medium- and long-term foreign loans or international bonds outstanding with remaining maturities of 12 months or more. The move comes alongside a request to cut deposit and lending rates and may help banks be more proactive in managing their VND funding.
- Breaking: State Bank of Vietnam wants to inject longer-term liquidity into the banking system via FX swap channel
The State Bank of Vietnam (SBV) plans to supply nearly 48,800 billion VND to the banking system through a 182-day USD/VND swap, capped at 2 billion USD. For the Nov. 6 intervention, the spot buying rate is set at 24,399 VND/USD and the forward selling rate at 24,704 VND/USD, with a value date of Nov. 9, 2026. Credit institutions sell USD to the SBV for VND and commit to buy back the currency at maturity, and only those with medium- and long-term foreign loans or international bonds with at least 12 months remaining are eligible. The tenor is much longer than the 7-day swap in September, which helps banks plan VND funding more proactively into year-end and early next year. The move is part of broader SBV measures to support liquidity and lower funding costs, including its earlier request that banks cut deposit and lending rates.
- UOB raises Vietnam growth forecast to 9.2%
UOB has raised its 2026 GDP growth forecast for Vietnam to 9.2% from 8.5%, after third-quarter GDP grew 9.95%, the fastest since Q3 2022 and above both UOB's and Bloomberg's 9% forecasts. Nine-month growth reached 9.01%, with industry and construction up 11.21% and contributing 49.62% of value-added growth, while electronics-related exports of computers, electronic products and components reached about $111 billion by mid-September. UOB expects fourth-quarter growth of about 9.7%, supported by faster public investment disbursement at year-end, and expects the State Bank of Vietnam to hold its 4.5% refinancing rate through 2027. It forecasts USD/VND at 26,300 in Q4 and 26,600 in the first quarter of 2027, while flagging risks from energy prices and possible tougher US tariffs.
- Vietnam enters a period of its strongest capital demand growth in years; expert points to key capital channels for the coming period
S&I Ratings believes Vietnam's economy will likely keep its positive growth momentum in Q4 2026, driven by manufacturing, public investment and exports, although the outlook for the final months of the year is more challenging than the first half. At its September 2026 meeting, the Fed raised its policy rate by 25 basis points to 3.75%-4% and signaled it would keep rates high for longer, reversing the 2024-2025 period when it cut rates six times. The US 10-year Treasury yield rose to about 5.3%, while Vietnam's 10-year government bond yield stayed around 4.45%, a gap that could reduce the appeal of VND assets and add pressure on the USD/VND exchange rate. The State Bank of Vietnam must balance low rates to support growth with exchange-rate stability. The report says full-year 2026 growth will likely reach its highest level in several years, but the 10% target will be a major challenge.
- Expert view: VN-Index has formed a short-term bottom, but this risk needs attention
VN-Index fell sharply in the first two sessions of the 19-23/10 week, at one point dropping to the 1,670-point area, before rebounding on broader buying late in the week to finish up 68.24 points (4%) at 1,774.15. Foreign investors net bought in 2 mid-week sessions but were still net sellers of about VND 969 billion over the five sessions. Mr. Bui Van Huy, CEO of FIDT, believes the market has likely formed a short-term bottom, citing the State Bank's request that banks cut deposit rates for terms of 6 months or longer by at least 0.5% per year and lower lending rates for priority sectors by 1.5-2% per year, along with a P/E excluding Vingroup of below or around 10 times. He cautions, however, that the bottom is not yet sustainable given risks from the Fed, global inflation and domestic inflation (September CPI up more than 5% year on year). He suggests investors consider buying in stages on market pullbacks, limit margin use and watch infrastructure and public investment groups.
- Stocks Unexpectedly Surge 33 Points: What's Happening?
VN-Index reversed from a weak open to close up 33.4 points (+1.97%) at 1,733.02 on Nov 4, recovering the 1,700-point psychological level lost after a string of losing sessions. Nguyễn Thế Minh of An Bình Securities (ABS) said the U.S. mid-term congressional election on Nov 3, along with a weaker U.S. dollar and U.S. Treasury yields, could ease currency pressure on emerging markets like Vietnam. The same day, the State Bank of Vietnam announced a VND liquidity plan via 182-day USD/VND FX swaps of up to USD 2 billion, to be executed on Nov 6, which could initially inject up to about VND 48,800 billion; the tenor is longer than the 7-day swap in September. MB Securities (MBS) noted that November has risen in 70% of the past 10 years, averaging 3.8% gains, but many stocks have broken below October's lows even as large caps supported the index. Minh said a sustainable rally needs improved cash flow and continued gains in leading stocks.
Related markets
Latest news
- STLLR Gold Secures Mineral Recovery Permit for 225,000-Tonne Hollinger Tailings Sample, Advancing Potential Near-Term Gold Recovery Opportunity
STLLR Gold (TSX: STLR) has received a Mineral Recovery Permit under Ontario's Recovery of Minerals regime, allowing excavation and reprocessing of up to 225,000 tonnes of legacy tailings at its Hollinger project in Timmins. The company says this is a key step toward a large-scale sample program to test gold recovery, operating performance, costs and the potential for Hollinger to generate cash flow. Material would be processed offsite, and STLLR is evaluating practical solutions that could use regional infrastructure. CEO Keyvan Salehi said the permit moves Hollinger from resource evaluation toward demonstrating gold recovery at a meaningful scale. Wabun Tribal Council, Minister of Energy and Mines Stephen Lecce, MPP George Pirie and the City of Timmins also commented on the project.
- Canton's CC rises 4% as SEC staff view it as 'digital commodity'
Canton Network's native token CC rose 4% on Wednesday after the SEC's Division of Corporation Finance issued a no-action letter viewing it as a 'digital commodity'. The letter accepted that CC's value comes from how the network operates and from demand for the token, not from a central team's efforts to generate profits for holders. Developer Digital Asset said participants earn CC by running infrastructure and applications, with the protocol determining how many tokens they can mint. The division said it would not take enforcement action over CC issuance without securities registration if tokens are created under the described conditions. The letter reflects staff's position and is not a binding ruling on CC's legal status, and CC traded at $0.098 at 10:27 am UTC, still down roughly 4.2% over the past week according to CoinMarketCap.
- A bank issues urgent notice asking customers to review mortgaged homes and land that fall under clearance zones
Xuân Bách said he received a message from Woori Bank on the evening of November 3 asking customers to review their mortgaged properties. Customers whose assets have been notified for clearance, already cleared, or included in a clearance plan must respond by November 4, 2026, otherwise the bank will assume the collateral is not affected. The article notes that many Hanoi residents fear their mortgaged homes or land fall within planning areas for infrastructure or urban upgrades, and some apartment owners linked to Mường Thanh projects face similar risks while loans remain unpaid. Nguyễn Quốc Hùng, then deputy chairman of the Vietnam Banking Association, said in May 2026 that there is no specific mechanism for cases where compensation is insufficient to repay loans, such as a 5 billion dong loan with 3 billion dong in compensation. Deferring or rescheduling debt is one option under consideration, but it requires a legal basis and guidance from the State Bank of Vietnam.
- AMD's Free Cash Flow Just Fell to 4% of Revenue
AMD reported record revenue in the third quarter of 2026, but free cash flow fell to $554 million, down from $1,558 million in the second quarter and $1,530 million a year earlier, a margin of about 4% of revenue. The drop came mainly from working capital, as inventories used $2,995 million of cash and receivables used $1,928 million. Inventory rose to $11,463 million, and CFO Jean Hu said the company keeps investing in inventory and capacity to meet strong data center demand. Total debt rose to $7,079 million from $3,226 million, including a $4.75 billion senior notes offering. The author argues the cash drop is likely temporary, but notes risks, as AMD gave no free cash flow target or timeline for a recovery.
- Wayfair sales jump 10% as furniture retailer says it's winning share of sluggish market
Wayfair said its third quarter posted its strongest sales growth since the pandemic, with U.S. revenue reaching about $3 billion, up 11.4%, while international net revenue fell 2.3% to $380 million. Total revenue rose 9.7% to $3.42 billion, above the $3.38 billion LSEG analyst estimate, and adjusted earnings per share were 93 cents versus 79 cents expected. The company posted net income of $62 million, or 45 cents per share, compared with a loss of $99 million a year earlier. Active customers grew 4.7% to 22.2 million, and orders delivered rose 12.2% to about 11 million. CFO Kate Gulliver said the company is keeping promotional activity for the holiday quarter similar to last year.
- Chứng khoán HD (HDS) sets IPO price at 38,900 dong per share, post-offering valuation about 1.8 billion USD
Chứng khoán HD (HDS) approved an offering price of 38,900 dong per share for an IPO of nearly 121.8 million shares, which could raise over 4,737 billion dong and value the company at about 47,400 billion dong, roughly 1.8 billion USD, after the offering. The company plans to allocate 60% of proceeds to margin lending, 10% to advances on securities sales, and the rest equally to corporate and government bonds, disbursed from Q4 2026 to the end of Q2 2027. As of September 30, 2026, equity reached 14,041 billion dong and margin loans reached 10,746 billion dong. In the first nine months of 2026, revenue was 3,018 billion dong, 2.6 times the same period last year, and pre-tax profit was 2,241 billion dong, 3.7 times higher, with investment banking accounting for 36.5% of revenue. The IPO is a step toward listing, and registration details will be announced after the State Securities Commission grants the registration certificate.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.