After rising against the Vietnamese currency ahead of Tet, the US dollar devalued against the dong on the first working day of the Lunar New Year.
On Monday, domestic commercial banks devalued the dollar against the dong by VND20-40 per dollar in comparison with the last weekend.
Vietcombank and Vietinbank quoted the dollar/dong exchange rate at VND22,565/22,635 for buying and selling, down VND20 and VND25, respectively.
Eximbank made a stronger cut by VND40 to list at VND22,520/22,620, while the cut at BIDV was VND30 to VND22,560/22,630.
The dollar strengthened against the dong ahead of Tet, during which time the demand for the dollar was high to meet payment and import requirements.