Vietnam central bank plans US$2 billion currency swap as lenders raise overseas funds
The planned 182-day transaction would give eligible banks access to dong liquidity, following a series of international loans and bond issues.
Vietnam’s central bank is preparing a foreign-exchange swap of up to US$2 billion, offering banks a 182-day term as Vietnamese lenders report sizeable overseas fundraising deals. Full take-up could put approximately ₫48.8 trillion into the banking system.
Under the planned operation, the SBV would purchase dollars at ₫24,399 each and sell them back at ₫24,704 after 182 days. Earlier swaps lasted seven to 21 days. The longer arrangement would allow lenders to obtain dong temporarily against their dollar holdings.
Eligibility requires outstanding overseas borrowing of medium or long duration, or internationally issued bonds, with at least 12 months before maturity. Applications are capped at US$1.6 billion per bank and cannot exceed qualifying outstanding debt.
Among the fundraising deals, VPBank signed a three-year sustainability-linked loan for US$1.44 billion with 15 international institutions in late June 2026, exceeding its original US$1.2 billion target. In 2025, it also raised US$1.56 billion through a syndicated loan and issued sustainability bonds worth US$300 million.
Techcombank confirmed a US$1 billion syndicated borrowing in the third quarter of 2026. SHB announced a US$340 million loan in mid-October, arranged by Sumitomo Mitsui Banking Corporation. Together with two transactions from 2025, SHB’s three announced loans totalled US$940 million.
HDBank announced a US$721 million syndicated social loan in late July 2026, involving the Asian Development Bank, Standard Chartered and other lenders. The financing is intended for micro, small and medium-sized businesses, with particular emphasis on women-owned enterprises.
Other transactions included US$550 million in syndicated and bilateral dollar loans completed by MB during the first half of 2026, and ACB’s US$500 million syndicated facility in the third quarter. VIB finalised a three-year loan worth US$285 million with nine Asian institutions; the bank said its borrowing costs were approximately 30 basis points below its previous syndicated deal.
