NAC Weekly No. 22: Vietnam's Central Rate Hits a Record 25,320 Dong per Dollar

Tỷ giá trung tâm25.320 đồng/USD▲ 14 đồng, sáng 31/7Lãi suất Fed (mức trần)3,75%● giữ nguyên ngày 29/7Lãi suất Ngân hàng Trung ương Anh3,75%● giữ nguyên ngày 30/7Lạm phát Úc, tháng 63,8%▼ 0,2 điểm so với tháng 5Nhóm nhà ở trong CPI Úc6,8%▲ so với cùng kỳCBI Đông Caribbean1/6/2028● hạn EU đề nghị dừngTỷ giá trung tâm25.320 đồng/USD▲ 14 đồng, sáng 31/7Lãi suất Fed (mức trần)3,75%● giữ nguyên ngày 29/7Lãi suất Ngân hàng Trung ương Anh3,75%● giữ nguyên ngày 30/7Lạm phát Úc, tháng 63,8%▼ 0,2 điểm so với tháng 5Nhóm nhà ở trong CPI Úc6,8%▲ so với cùng kỳCBI Đông Caribbean1/6/2028● hạn EU đề nghị dừng

VND central rate25,320 per USD▲ 14 dong, 31 JulFed funds (upper bound)3.75%● held on 29 JulBank of England rate3.75%● held on 30 JulAustralia inflation, June3.8%▼ 0.2 pt below MayHousing in Australia’s CPI6.8%▲ year on yearEastern Caribbean CBI1 Jun 2028● EU wind-down deadlineVND central rate25,320 per USD▲ 14 dong, 31 JulFed funds (upper bound)3.75%● held on 29 JulBank of England rate3.75%● held on 30 JulAustralia inflation, June3.8%▼ 0.2 pt below MayHousing in Australia’s CPI6.8%▲ year on yearEastern Caribbean CBI1 Jun 2028● EU wind-down deadline

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Contents

NAC Weekly No. 22: Vietnam's Central Rate Hits a Record 25,320 Dong per Dollar

Vietnam's central rate hits a record 25,320 dong per dollar, the Fed and BoE hold with three votes to hike, and Australian inflation eases to 3.8%.

Vietnam's central exchange rate hit an all-time high this week, reaching 25,320 dong per dollar on the morning of 31 July. The Fed and the Bank of England both held rates, each with three members voting to hike. Australian inflation eased to 3.8%, and the EU kept its 1 June 2028 deadline for five Eastern Caribbean states to wind down their citizenship-by-investment programmes.

Market pulse, week of 27/7–2/8/2026

VND central rate25,320 per USD▲ 14 dong, 31 JulPrevious record 25,298, Aug 2025

Fed funds (upper bound)3.75%● held on 29 JulThree votes for a 0.25 pt hike

Bank of England rate3.75%● held on 30 JulVote split 6–3

Australia inflation, June3.8%▼ 0.2 pt below MayAustralian Bureau of Statistics

Housing in Australia's CPI6.8%▲ year on yearLargest contributor to inflation

Eastern Caribbean CBI1 Jun 2028● EU wind-down deadlineFive states got letters on 25 Jun

Source: State Bank of Vietnam via Viet Bao (31 Jul); Fed (29 Jul); Bank of England (30 Jul); ABS (29 Jul); IMI Daily (27 Jul)

Signals this week

Prices and dealsMoney and ratesRules and process

🇻🇳 VietnamPrices and deals—Money and ratesCentral rate at record 25,320Rules and process—

🇺🇸 United StatesPrices and deals—Money and ratesFed holds, three votes to hikeRules and process—

🇬🇧 United KingdomPrices and deals—Money and ratesBoE holds 3.75%, three votes to hikeRules and process—

🇦🇺 AustraliaPrices and dealsHousing costs up 6.8%Money and ratesInflation eases to 3.8%Rules and process—

🇰🇳 Eastern CaribbeanPrices and deals—Money and rates—Rules and processEU keeps 2028 CBI deadline

🇪🇸 SpainPrices and deals—Money and rates—Rules and processItaly checks travellers arriving from Spain

▲rising▼falling●steady / watch

Source: NAC, compiled from the sources in this issue

🇻🇳 Vietnam · The central rate breaks its all-time high

On the morning of 28 July the State Bank of Vietnam set its central rate at 25,306 dong per dollar, above the previous record of 25,298 set on 25 August 2025, Thoi bao Tai chinh Viet Nam reported. By the morning of 31 July, Viet Bao recorded 25,320, up 14 dong on the previous session. Vietcombank was selling dollars at 26,490.

For Vietnamese investors: every dollar instalment on an off-plan home abroad now costs more in dong. With a 5% trading band, banks could sell dollars at up to about 26,571 dong when the central rate stood at 25,306. Families paying in stages should line up foreign currency for the next few instalments early.

🇺🇸 United States · The Fed holds, with three officials wanting a hike

On 29 July the Fed held its target range at 3.5–3.75%. Beth Hammack, Neel Kashkari and Lorie Logan, dissented in favour of a quarter-point rise. The Fed said inflation remains above its 2% goal, partly because of energy prices, and that uncertainty is elevated owing in part to the conflict in the Middle East. A day later the Bank of England also held at 3.75%, with three members voting to go to 4%.

For Vietnamese investors: mortgage costs in dollars or sterling are unlikely to fall in the coming months, with both central banks leaning towards tightening. Families planning to borrow for a UK purchase, or in Dubai, where the dirham is pegged to the dollar, should plan for rates staying high for longer.

🇦🇺 Australia · Inflation eases to 3.8%, led by housing

Consumer prices rose 3.8% in the year to June, the Australian Bureau of Statistics reported on 29 July, with trimmed-mean inflation at 3.6%. Housing rose 6.8% and added about 1.5 percentage points, more than any other group. New dwelling prices were up 5.8%. The Reserve Bank of Australia holds its cash rate at 4.35% after three rises this year, and meets again on 10–11 August.

For Vietnamese investors: with building costs still rising, new-home prices have little room to fall. Per NAC's listing data, 180 George in Parramatta was completed in 2023 and is priced at about AUD 1.11 million, with a gross rental yield of around 5% (NAC estimate). Nearby One City Square starts at AUD 595,000, with handover expected in 2028.

🇰🇳 St Kitts and Nevis · The EU wants CBI ended, reforms or not

IMI Daily reported on 27 July that Nevis Premier Mark Brantley told a 23 July press conference the EU is "hell-bent" on closing citizenship-by-investment (CBI) programmes, so further reform will not change the outcome. On 25 June the European Commission asked the five Eastern Caribbean CBI states, St Kitts and Nevis among them, to end their programmes by 1 June 2028. On 29 July IMI Daily carried a similar view from Saint Lucia's Deputy Prime Minister Ernest Hilaire.

For Vietnamese investors: the main risk is that Caribbean passports could lose visa-free access to the Schengen area. Families weighing this route should ask about processing times and the state of talks with the EU before paying a deposit. Current terms are in NAC's St Kitts and Nevis citizenship programme guide.

🇪🇸 Spain · Italy checks travellers arriving from Spain

On 31 July Italy's Interior Ministry reinstated document checks at airports and seaports for travellers from Spain, expected to last a month, IMI Daily reported. Spain's Interior Ministry said about 50,000 people crossed from Morocco into Ceuta, Spain's enclave in North Africa, within 24 hours. Air and sea passengers between the two countries now need to show a passport, Reuters reported via Khaleej Times.

For Vietnamese investors: Italian police are running selective checks on non-EU nationals. Families holding residence cards in Spain, Portugal or Greece should carry both passport and residence card when flying to Italy.

Next week

Mon3/8Fed Senior Loan Officer Survey on bank lending

Tue4/8US job openings for June (JOLTS)

Wed5/8Fed Governor Lisa Cook on the economic outlook

Thu6/8US productivity and costs, Q2 preliminary

Fri7/8US jobs report for July

Sat8/8Fed Vice Chair Michelle Bowman, virtual fireside chat

Sun9/8

Source: Federal Reserve August 2026 calendar and US Bureau of Labor Statistics

NAC strategic insight

With the dong weakening and dollar rates not yet falling, we favour clear payment schedules, foreign currency arranged well ahead of time, and assets that are finished or close to handover. For citizenship programmes, policy risk now deserves as much weight as the purchase price. If you'd like to see where your family's portfolio stands after this week, book a consultation with NAC.

Markets in this issueThe dong in Vietnam, inflation in Australia and rates in the UK were the week's three big stories