The State Bank of Vietnam (SBV) announced on 3 November 2026 and carried out on 6 November a 182-day USD/VND foreign-currency swap with credit institutions, capped at US$2 billion, with a value date of 9 November 2026. According to Bnews' 11 November economic roundup, this first 6-month swap allowed the SBV to supply nearly VND50 trillion to the banking system.
Mechanism and eligibility
In the swap, banks sell US dollars to the SBV for dong and commit to buy the dollars back at maturity. Each credit institution could register up to US$1.6 billion, not exceeding its eligible outstanding, namely medium- and long-term foreign loans or international bonds with at least 12 months remaining. The novelty is the tenor: earlier 2026 swaps lasted only 21 days (February), 14 days (June) and 7 days (September).
What it means for bank funding
- Longer-term liquidity: six-month dong funding helps banks ease short-term rollover pressure at the end of 2026 and early 2027.
- Putting foreign funding to work: the mechanism is tied to medium- and long-term international borrowing, helping banks turn raised foreign currency into dong lending capacity.
- A flexible tool: according to expert Nguyen Quang Huy (Nguyen Trai University), the SBV can adjust the size, frequency and pricing of swaps as conditions evolve. He also notes the swap does not add spot dollar supply or raise reserves, since the SBV must sell the dollars back at maturity.
The policy picture
Swaps are used alongside open market operations. For example, on 3 November 2026 the SBV net-absorbed over VND7,839 billion via the collateralised lending channel at 4.5% a year. This combination shows the regulator actively managing both the size and the tenor of liquidity, providing a stable base for year-end credit to production and business.
Key takeaways
- The 182-day USD/VND swap, capped at US$2 billion, is the first six-month swap.
- The SBV supplied nearly VND50 trillion to the banking system.
- The longer tenor helps ease rollover pressure at end-2026 and early 2027.