The State Bank of Vietnam set the exchange rate for the US dollar at VND20,828 Friday, unchanged from Thursday.
Currency dealers said rates at major commercial banks led by Vietcombank and gold shops were unchanged because of weak demand for the greenback from both businesses and individuals.
“The demand for dollars from local businesses has significantly fallen over the past two months after the government announced trade surpluses of $379 million in June and $100 million in July,” said an Eximbank dealer from HCM City.
As many local businesses are still facing high inventories in August and sales of imported goods have been slow, there is no sign that they would soon need more dollars for imports in the near term, the dealer added.
Private currency dealers in Hanoi and HCM City said their rates were flat because of lackluster demand for the dollar from individuals, even as the global price of gold fell to $1,595 a troy ounce Friday from $1,605 Thursday.
Private currency dealers in Vietnam often use the price of gold as a benchmark to calculate dollar rates.
Dealers expect the exchange rate in the free market to move in a range of VND20,870-VND20,900 over the weekend.