As CapitaLand Development’s first large-scale housing development in Binh Duong New City, Sycamore has quickly affirmed its strategic role, drawing both homebuyers and investors with its distinctive value proposition.

Orchard Heights offers a modern, sustainable living experience where natural elements blend seamlessly with high-end amenities. With the message “Live the full adventure,” the project targets those who enjoy exploration, new experiences, and vibrant daily living.

Orchard Heights is located at the gateway to Binh Duong New City (Photo: Sycamore)

Situated at the gateway to Binh Duong New City, Orchard Heights features ceramic sculptures in warm terracotta tones, celebrating local craftsmanship and the heritage of the region’s pottery traditions. A multi-dimensional green space—complete with hanging gardens, landscaped zones, and the internal swimming pool—creates the feeling of a tropical oasis within the urban core.

The development includes nine themed facilities designed to meet residents’ needs while inspiring a spirit of discovery. Each amenity is thoughtfully designed to reflect the project’s adventurous spirit and CapitaLand Development’s commitment to crafting exceptional living environments.

The Blue Sea Banquet Hall is for cosy parties, a place to entertain family and friends on every occasion. (Photo: Sycamore)

Orchard Heights offers 436 units, including two- and three-bedroom apartments, duplexes, and penthouses, ranging from 75 to 311 sq.m. All units are designed to optimise ventilation and natural light, enhancing comfort and wellbeing.

Of particular note, Orchard Heights is the only project in the area to feature duplex units (130–161sq.m) and four exclusive apartments with balconies directly connected to the swimming pool.

CapitaLand Development also introduced its three-bedroom model apartment—an ideal layout for modern young families. The unit maximises space, light, and airflow to create an open and comfortable living environment.

All apartments are delivered fully furnished with premium equipment, including temperature-controlled glass, energy-efficient air conditioning and water heaters, built-in kitchen cabinets and wardrobes, fireproof doors with smart locks and video call features, and high-end sanitary ware and bathtubs from international brands.

Beyond its prime location and potential for capital appreciation, Orchard Heights sets a new benchmark for upper-middle-class living, combining a secure residential model, comprehensive amenities, and refined design standards.

The US Federal Reserve decided to keep its benchmark interest rate unchanged but indicated that rate cuts could be implemented later this year.

The SBV has raised the daily fixing and upper forex ceiling rate, photo Le Toan

State Bank of Vietnam (SBV) Deputy Governor Dao Minh Tu reaffirmed that with foreign exchange reserves, a positive export outlook, foreign investment inflows, and remittances, he remains confident in maintaining exchange rate stability.

“There is no need for individuals to hold foreign currency at home or in accounts. Sell it to the banks with confidence,” said Tu.

Taking a more cautious stance, UOB Singapore, noted that the VND hit a record low of around 25,600 VND/USD in early March after the SBV raised its USD selling price for banks, marking its first adjustment since October last year.

“The trend still leans towards further VND depreciation due to uncertainties related to China’s growth and tariff policies. There is a risk that the United States will impose tariffs on Vietnamese goods as Vietnam’s trade surplus with the US continues to rise significantly. However, strong domestic growth prospects and the SBV’s commitment to exchange rate stability could help ease depreciation pressure,” the UOB research team said.

In its Foreign Exchange Outlook report released last week, MUFG Bank raised its Q4 USD/VND projection to 25,900 from 25,700, reflecting the government’s focus on supporting growth and a higher tolerance for inflation at 5 per cent in 2025.

“The SBV has also raised the daily fixing and upper foreign exchange ceiling rate, allowing greater foreign exchange volatility. This coincides with major changes in Vietnam’s government policy, which could cut and streamline anywhere from 4-20 per cent of public sector employees, while authorities plan around 1.5 per cent of GDP in social support measures to aid the transition.”

Regarding the full-year exchange rate outlook, MUFG Bank forecasts USD/VND to approach 26,000 in 2025, charting a modest path while acknowledging other offsetting structural factors.

“While we continue to expect Vietnam to be in the crosshairs of the new US administration due to its large and growing trade surplus with the US, we highlight several reasons for optimism,” stated the report.

“Firstly, Vietnam has expanded its global export market share, not just in the US but worldwide, since the trade war began. Secondly, the country is moving up the value chain, increasing domestic value-added and export complexity. Lastly, we anticipate the US tariffs on China to remain higher and rise at a faster pace than those on Vietnam under the US administration.”

According to the National Statistics Office, Vietnam recorded its first trade deficit since May 2024 in February, with imports surging by 40 per cent year-over-year. Meanwhile, the State Treasury conducted three rounds of USD purchases from commercial banks, totalling $500 million, further tightening foreign exchange liquidity and adding pressure on the exchange rate.

“In this context, SBV has intervened by continuously raising the central exchange rate, widening the foreign exchange trading band,” said Tran Thi Khanh Hien, head of Research at MB Securities. “Since the start of this month, the central rate has increased by over VND400, equivalent to a 1.6 per cent adjustment, substantial compared to the VND487 rise for the whole of 2024. Additionally, the SBV has abandoned its previous hard cap of 25,450 VND/USD in the interbank market. This move signals that the SBV is accepting greater exchange rate volatility to reduce pressure on foreign exchange reserves.”

The VND hit a record low of 25,600 per USD in March after the State Bank of Vietnam (SBV) raised its USD selling price to 25,698, marking its first adjustment since October 2024. How do you assess this?

Vu Binh Minh

Since the Lunar New Year in early February, the SBV has gradually raised the central exchange rate in consecutive sessions, exceeding 24,800 VND/USD in the past couple of days.

In the year-to-date, the central rate has risen by VND471, equivalent to a 1.9 per cent increase, marking a significant adjustment compared to the same period in previous years. The continuous upward trend in the central rate has also pushed the ceiling rate higher accordingly.

In addition, in mid-February, the SBV shifted its USD intervention mechanism from a fixed selling rate of 25,450 VND/USD to a floating mechanism, keeping the rate at VND50 below the ceiling. Combined with persistently low VND interest rates in the interbank market, this pushed USD/VND higher to 25,600 in early March, coinciding with when the US Dollar Index (DXY) rebounded past the 107 level.

However, given greater flexibility in exchange rate policy management, which created more room for exchange rate movement, USD/VND witnessed two-way fluctuation. By mid-March, it cooled down to 25,450-25,550 in the interbank market as the DXY declined, coupled with a more balanced USD supply versus demand.

Exchange rate developments have also become more complicated this year in the context of Vietnam’s open economy, along with external factors such as developed countries’ policy shifts affecting USD volatility and geopolitical risks, as well as trade balance and foreign investment.

What is HSBC’s exchange rate forecast for 2025?

Asian currencies, including VND, have not benefited much from the recent decline in the DXY, as concerns over US tariff policies persist, alongside weak investment appetite globally, and slowing growth conditions domestically.

On the other hand, headlines of Europe’s increased fiscal spending and increased defence spending may offer some positive spillover effects for countries in the region. However, at this stage, these impacts are expected to be relatively limited and unlikely to offset potential losses stemming from US policy measures.

Vietnam may face the highest tariff risk in ASEAN, given its trade surplus with the US reaching $123 billion in 2024. As a result, exchange rate pressures remain a key concern. HSBC Global Research maintains its forecast for the USD/VND exchange rate to reach 25,600 by the end of Q1 and 25,800 by year-end.

What factors could help ease depreciation pressure on the VND?

Several scenarios suggest that the DXY might be able to soften further in the near term, driven by signs of weakening US data, escalating trade tensions, and the resurgence of the European economy, all of which could help alleviate depreciation pressures on VND.

However, it remains too early to confirm a clear trend for the DXY at this moment, and the likelihood of its appreciation over the medium to long term remains significant.

For the USD to weaken sustainably, key conditions must align, including Europe and China’s economies improving, US growth struggles, pressure on the US Fed to cut faster, and tariffs proving benign. Yet, current US data shows no signs of an abrupt downturn.

Domestically, Vietnam continues to leverage its strengths, supporting investors through admin reforms and enhanced incentives in taxation and fees. Expanding trade partnerships beyond the US is also crucial. Vietnam recently elevated official ties with Singapore and Indonesia, expected to boost foreign investment inflows, enhance USD liquidity, and ease VND depreciation pressure.

In addition, the government’s visa liberalisation efforts are further driving retail consumption and foreign currency inflows. Meanwhile, inflation cooled in February, and with the National Assembly raising its target to 4.5-5 per cent, policymakers now have more flexibility to manage exchange rate pressures.

With interest rates being kept low, how do you think this impacts the exchange rate?

With Vietnam setting an economic growth target of at least 8 per cent for this year, policy measures have been directed towards maintaining liquidity stability and facilitating credit expansion. In practice, banks have been actively lowering deposit rates to create room for further reductions in lending rates.

Since March 5, the SBV has re-introduced 35-day and 91-day reverse repo transactions in the open market operation, alongside the existing 7-day term at an unchanged interest rate, to provide long-term liquidity support to the interbank system.

However, with the Fed yet to implement a clear path to further rate cuts, the currently wide interest rate differential between the USD and VND continues to exert pressure on the domestic exchange rate.

By flexibly utilising its monetary policy tools and proactively allowing room for exchange rate movements, the SBV has kept USD/VND fluctuations within a relatively narrow range, particularly in comparison to other regional currencies.

With businesses and investors closely watching exchange rates, what guidance would you offer to help them navigate the market?

The VND remains vulnerable to external factors such as the Fed’s interest rate policies, fluctuations in the DXY index, and tariff measures.

On the upside, if the Fed accelerates rate cuts, global economic growth outside the US improves as geopolitical conflicts subside, and investment capital returns to the market, particularly with the prospect of Vietnam’s stock market upgrade, these pressures could be balanced.

Perhaps the word “uncertainty” best describes the current trends and investor sentiment. To ensure optimal cash flow management and mitigate market risks, businesses should develop effective hedging strategies by utilising exchange rate and interest rate risk management tools.

Additionally, incorporating various exchange rate and interest rate scenarios, along with policy direction, into business and investment planning will be crucial in navigating this volatile environment.