How much RMB in Vietnam: Recent hot topics and exchange rate analysis
Recently, the exchange rate issue between Vietnam and the RMB has become a hot topic, especially in cross-border tourism, trade and investment. This article will provide you with a comprehensive analysis of the exchange status of the Vietnamese Dong (VND) and RMB (CNY) from three perspectives: exchange rate data, popular events and practical suggestions.
1. The exchange rate trend of Vietnamese Dong against RMB in the past 10 days
| date | 1 RMB to Vietnamese Dong (VND) | Volatility amplitude |
|---|---|---|
| 2023-11-01 | 3,450 | +0.3% |
| 2023-11-03 | 3,442 | -0.2% |
| 2023-11-05 | 3,455 | +0.4% |
| 2023-11-08 | 3,460 | +0.1% |
| 2023-11-10 | 3,458 | -0.06% |
Data source: Collection of public data of international foreign exchange market (as of November 10, 2023)
2. Related hot events in Vietnam are related to RMB
1.China-Vietnam border trade heats up: Recently, the cross-border e-commerce transaction volume of China-Vietnam has increased by 17% year-on-year, and the circulation of RMB in Vietnam's border cities has increased significantly.
2.Pay attention to the exchange rate during the peak tourist season: November to February of the following year is the peak tourist season in Vietnam. The average daily redemption volume of Chinese tourists reaches 200 million Vietnamese dong. The queues at exchange points in popular cities such as Da Nang and Nha Trang are obvious.
3.Vietnam's manufacturing investment hot: Apple's supply chain companies accelerated their transfer to Vietnam, with Chinese-funded companies increasing by 23% year-on-year, and demand for cross-border settlement of RMB increased.
3. Practical redemption suggestions
1.Bank vs Exchange Point: Vietnamese banks’ exchange rate is usually 5-8% discount than airport exchange points. Private exchange points in Jindian Street, Ho Chi Minh City need to be wary of the risk of counterfeit currency.
2.Large redemption skills: If you exchange more than RMB 5,000 in one go, you can negotiate an additional 0.5-1% discount, but you need to make an appointment in advance.
3.Digital payment trends: 30% of merchants in major cities in Vietnam support WeChat payment, and the exchange rate is calculated based on the real-time mid-price, which is 1.2% more than the average cash exchange discount.
4. In-depth analysis: Three factors affecting exchange rate
| Factors | Current status | Impact on exchange rate |
|---|---|---|
| China-Vietnam Trade Difference | Vietnam's trade deficit with China widens | RMB demand increases |
| Vietnam CPI index | October rose 4.3% year-on-year | Vietnamese Dong under pressure |
| China's monetary policy | Maintain steady and neutral | Exchange rate fluctuations narrow |
5. Exchange rate forecast for the next 3 months
According to forecasts from multiple financial institutions:
- Optimistic scenario: 1 CNY = 3,480-3,500 VND (Fed suspends interest rate hikes)
- Baseline scenario: 1 CNY = 3,450-3,470 VND
- Pessimistic scenario: 1 CNY = 3,420-3,440 VND (global energy crisis intensifies)
Conclusion:
Understanding the exchange relationship between the Vietnamese Dong and the RMB is crucial for people planning to travel to Vietnam or conduct business transactions. It is recommended to pay attention to the official exchange rate announced by the National Bank of Vietnam every week, and use foreign exchange warning tools to set psychological prices. The current exchange rate level is above the average of the past five years and is suitable for batch exchange to diversify risks.
(Note: The data in this article has been updated to November 10, 2023, and the specific transaction is subject to the actual transaction price)
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