The daily reference exchange rate was set at 23,063 VND/USD on the morning of May 23 (Photo: AFP/VNA)
Hanoi (VNA) - The State Bank of Vietnam set the daily reference exchange rate at23,063 VND/USD on the morning of May 23, down by 3 VND from the previous day.
With thecurrent trading band of +/- 3 percent, the ceiling rate applied by commercialbanks for the day is 23,755 VND/USD and the floor rate is 22,371 VND/USD.
At 8:15,Vietcombank posted the buying rate at 23,330 VND/USD and the selling rate at23,450 VND/USD, down 15 VND in both rates from the same time a day earlier.
BIDV alsooffered the rates at 23,330 (buying) and 23,450 VND/USD (selling), both down10VND from the same time on May 22.
Techcombankposted the rates at 23,310 VND/USD (buying) and 23,450 VND/USD (selling),dropping by 15 VND in both rates from a day ago.-VNA
The State Bank of Vietnam (SBV) bought 8.35 billion USD from credit institutions between the beginning of this year and April 17 to build up the nation’s foreign reserve.
The reference exchange rate and exchange rates of commercial banks have increased continuously in recent days, with the reference exchange rate making its record high on May 8 at 23,046 VND. However, economists said that there is nothing to worry about this situation.
The monetary market’s liquidity has remained stable and foreign currency supply and demand are relatively balanced amidst the uptrend of USD/VND exchange rates over the last few days, an official from the State Bank of Vietnam (SBV) has assured.
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To meet the ambitious annual target of 47–48 billion USD, the sector must now achieve monthly exports of over 4 billion USD during the remaining months of the year.
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The country's industrial growth in the period was largely fuelled by the manufacturing and processing sector, which expanded by 10.3% and contributed 8.5 percentage points to the overall IIP.
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The daily reference exchange rate was set at 23,063 VND/USD on the morning of May 23 (Photo: AFP/VNA) 
