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Vietnam’s Dong Hits Historic Low as Dollar Strengthens on Trump Victory

by Team Lumida
December 30, 2024
in Markets
Reading Time: 2 mins read
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Key Takeaways:

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• Dong falls 0.1% to 25,479 per dollar, breaking previous May low
• Central bank sets new record-low reference rate at 24,327 dong per dollar
• Trump victory and Fed hawkishness driving broader EM currency weakness
• State Bank of Vietnam maintains commitment to currency stability

What Happened?

The Vietnamese dong has depreciated to an all-time low against the US dollar, dropping 0.1% to 25,479 per dollar. This decline comes as the State Bank of Vietnam adjusted its daily reference rate downward to 24,327 dong per dollar, also a record low. The currency is permitted to fluctuate within a 5% band around this reference rate.

Why It Matters?

This currency weakness reflects broader pressures on emerging market economies following Donald Trump’s election victory and continued Federal Reserve hawkishness. As a trade-dependent nation, Vietnam is particularly vulnerable to potential US tariffs and dollar strength. The situation mirrors similar pressures on other Asian currencies, as evidenced by the South Korean won’s recent decline to its lowest level since 2009.

What’s Next?

Market participants should monitor several key factors: the State Bank of Vietnam’s intervention capacity and willingness to sell US dollars to stabilize the dong; potential impact of Trump’s trade policies on Vietnam’s export-oriented economy; and broader emerging market currency trends. The central bank’s ability to maintain stability while managing inflation and growth objectives will be crucial. Additionally, investors should watch for any adjustments to Vietnam’s trading band or monetary policy responses to currency pressure, as well as potential spillover effects on other regional currencies and markets.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018