Vietnam - Official exchange rate (LCU per US$, period average)

The value for Official exchange rate (LCU per US$, period average) in Vietnam was 23,159.78 as of 2021. As the graph below shows, over the past 38 years this indicator reached a maximum value of 23,208.37 in 2020 and a minimum value of 1.00 in 1983.

Definition: Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).

Source: International Monetary Fund, International Financial Statistics.

See also:

Year Value
1983 1.00
1986 22.94
1987 78.95
1988 611.65
1989 4,501.69
1990 6,537.60
1991 10,121.89
1992 11,202.19
1993 10,640.96
1994 10,965.67
1995 11,038.25
1996 11,032.58
1997 11,683.33
1998 13,268.00
1999 13,943.17
2000 14,167.75
2001 14,725.17
2002 15,279.50
2003 15,509.58
2004 15,746.00
2005 15,858.92
2006 15,994.25
2007 16,105.13
2008 16,302.25
2009 17,065.08
2010 18,612.92
2011 20,509.75
2012 20,828.00
2013 20,933.42
2014 21,148.00
2015 21,697.57
2016 21,935.00
2017 22,370.09
2018 22,602.05
2019 23,050.24
2020 23,208.37
2021 23,159.78

Development Relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world.

Limitations and Exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output.

Statistical Concept and Methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices