In April when we found out that we would be going to Vietnam, the exchange rate was 21,450 VND per US Dollar. Yesterday it closed at 22,475 per US Dollar. While a jump in 1,000 dong is only worth about 5 cents, it means that over the course of our four month stay we will earn several hundred dollars without actually doing anything.
According to CNBC last month:
Vietnam's latest devaluation of the dong isn't a new shot fired in an Asian currency war, just the country catching up with regional peers that have already seen their currencies plunge, analysts say.
The State Bank of Vietnam (SBV) devalued the dong (VND) by 1 percent against the dollar on Wednesday—its third adjustment so far this year—and simultaneously widened the trading band to 3 percent from 2 percent previously, the second increase in six days.
Indeed, Vietnam's aggressive move has been widely interpreted as a blatant attempt to keep its exports competitive in the wake of China's historic 2 percent currency devaluation last week.
In addition to helping with their export competition with China, CNBC adds that the devaluation of the dong will increase tourism in Vietnam, which they report has seen a drop of 11% this year. And some analysts are predicting that the VND rate will hit 23,000 by December.
Looks like we picked a good time to come to Vietnam.
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