According to Deputy Governor of the State Bank of Vietnam, Nguyen Dong Tien, most of the dollars were placed on non-term deposit by seven State-owned economic groups and corporations, including oil and gas giant Petro Vietnam, mining giant Vinacomin, the Vietnam National Chemical Corporation (Vinachem), Vietnam Airlines, the Vietnam Machine Installation Corporation (Lilama), and two major food processors, the Vietnam Northern Food Corporation and the Vietnam Southern Food Corporation.

At the end of last November, dollar deposits of these seven enterprises totaled US$1.9 billion, of which US$700 million was in non-term deposits and US$1.2 billion was in term deposits.

The interbank exchange rate of VND17.941 per US$ has been stable for over a month, a situation rarely seen in recent years. Banks were selling dollars at a quoted rate of VND18.479 allowing them to retain a profit margin on foreign exchange activities. During the peak of the greenback shortage, banks had been forced for both buys and sells prices. A US$ was traded on the black market at VND18.900-19.600 at the end of last year.

The Stake bank of Vietnam is working with provincial and municipal People’s Committees, media outlets and public security offices to promote and inspect compliance.