The spread between VND onshore and offshore exchange rates has recently widened, reflecting阶段性 supply-demand imbalance and dual impact of regulatory policies.

In the onshore market, the SBV maintains exchange rate stability through reference rate mechanism and interbank market liquidity management. The offshore market is more influenced by international speculative funds and cross-border trade settlement needs, with relatively higher volatility.

The widening spread provides space for cross-border arbitrage, but Vietnam strict forex control policies limit the scale of arbitrage transactions. Investors need to balance arbitrage returns with compliance risks.