Dollar plunges against dong

Vietcombank sold the greenback at VND26,280, a 0.19% decline from Tuesday. The currency rose 0.23% to around VND26,527 on the black market.

The State Bank of Vietnam cut its reference rate by 0.04% to VND25,088.

Globally, the U.S. dollar was grappling with a "crisis of confidence" as it struggled near four-year lows on Wednesday after President Donald Trump brushed off its recent weakness, exacerbating the dollar selling and lifting the yen, euro and sterling, Reuters reported.

The dollar index, which measures the U.S. currency against six major rivals, was at 95.964 after dropping over 1% in the previous session when it hit a four-year low of 95.566.

The euro breached past the $1.2 level for the first time since 2021 and was at $1.2015, a tad weaker on the day, while sterling was also near its highest level since 2021 at $1.3823 in early Asian hours.

The frail Japanese yen got a further boost from the dollar selling and was at 152.60 per U.S. dollar after surging over 1% in the previous session. The Australian dollar rose to $0.70225, its highest level since February 2023 amid the broad dollar weakness.

The dollar tumbled over 9% in 2025 and has started the year on the back foot, already down about 2.3% in January as Trump's erratic approach to trade and international diplomacy, fears over the Federal Reserve's independence and huge increases in public spending rattled investors.