USD/VND April 9: Black Market at 26,854 as Ceasefire Eases Risk

Key Takeaways

Exchange Rates: April 9, 2026

Photo: DanViet.vn

Data as of morning April 9, 2026. Source: DanViet.vn. Black market rates fluctuate throughout the day.

-> Converting $1,000 on the black market this morning yields 26,734,000 VND (buy side) — up roughly 65,000 VND versus the prior session.

Iran Ceasefire Eases Global Pressure

The ceasefire between the US and Iran announced in early April 2026 significantly reduced global risk aversion. Oil prices dropped approximately 3-4% in the first week, easing pressure on Vietnam's energy imports — a critical factor since Vietnam imports roughly 60% of its petroleum needs.

Emerging-market currencies broadly benefited from reduced geopolitical risk. The VND on the free market recovered slightly, with the buy rate rising 65 dong to 26,734 VND/USD and the sell rate gaining 49 dong to 26,854 VND/USD versus the prior morning session.

-> A 3-4% drop in oil prices saves Vietnam an estimated $200-300 million/year on energy imports, reducing foreign-currency demand.

Bank-by-Bank Rate Comparison

Rates listed at major commercial banks on the morning of April 9, 2026 (indicative, subject to intraday changes):

Bank rates are 400-600 dong/USD below the black market because banks must operate within the SBV's trading band.

-> Buying $5,000 at a bank costs 2-3 million VND less than the black market, but requires valid documentation.

Why Does the Black Market Premium Exist?

Photo: DanViet.vn

The free market (black market) exists because individuals and small businesses often cannot meet documentation requirements to buy USD at banks. The State Bank of Vietnam requires valid purposes (imports, tuition, medical expenses) for foreign currency purchases, so those without proper documentation turn to the free market.

The current premium of ~400-600 dong (around 2%) is considered normal. When it exceeds 3-5%, it signals stress and the SBV typically intervenes. During the March 2026 volatility episode, the gap widened to 700-800 dong before the SBV sold reserves to stabilize the market.

The US Section 301 Threat

The Section 301 trade investigation launched by the Trump administration against Vietnamese goods represents the biggest risk factor for the VND exchange rate in Q2 2026. If the probe concludes Vietnam engaged in unfair trade practices, the US could impose 25-40% protective tariffs on key Vietnamese export categories.

Direct impact: reduced exports -> lower USD supply into Vietnam -> dong depreciation. Vietnam's exports to the US reached ~$110 billion in 2025, accounting for roughly 28% of total exports. If tariffs apply to 20% of that value, the black market rate could spike 500-1,000 dong in the short term.

-> Exporters to the US should consider forex hedging through banks starting now.

SBV Policy Toolkit

The State Bank of Vietnam (SBV) maintains multiple tools to stabilize the exchange rate during volatility. The most recent intervention was in March 2026 when the SBV sold an estimated $2-3 billion from foreign reserves to cool the market.

Remittances & FDI — The Stability Cushion

Remittances in 2025 reached approximately $8.5 billion, continuing to serve as a vital USD supply source for Vietnam. Ho Chi Minh City alone received roughly 40% of total national remittances. This flow, combined with FDI disbursement (estimated at $23-25 billion in 2025), creates a solid foreign-currency supply foundation.

The Q1 2026 trade surplus is also supporting USD supply. Electronics, textiles, and agricultural exports continue to grow despite global demand showing signs of slowing. However, dependence on the US market (28% of exports) remains a significant vulnerability if Section 301 tariffs materialize.

-> Sending $1,000 home today yields about 26.2 million VND via banks — roughly 500,000 VND less than the black market but safe and legal.

Historical Exchange Rate Context

The VND depreciated roughly 3-4% against USD in 2025, primarily due to the Fed maintaining high interest rates and broad USD strength globally. The black market premium fluctuated between 200-800 dong depending on the period.

Q2 2026 Exchange Rate Scenarios

ZestLab analysis based on available data and key variables:

Frequently Asked Questions

References

1. DanViet.vn — USD/VND Exchange Rate April 9: Black Market Recovers (9/4/2026)

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