Last week on Thursday, the Fed decided to raise the benchmark interest rate by 0.25 basis points. The rate is expected to be raised two more times in 2018. One of the consequences is that the Vietnamese Dong has depreciated significantly against the USD over the last couple of days. Commercial banks and The State Bank of Vietnam have all expressed that they were not too concerned about the recent moves. The dollar hike is not expected to affect the Vietnamese economy at least in the short term.