The Impact of Exchange Rate Fluctuations on the Profitability of Vietnamese Import–export Enterprises

Exchange rate fluctuations have long been recognized as a critical factor influencing the financial performance of import–export enterprises, particularly in emerging economies such as Vietnam, where international trade plays a central role in economic growth. This study investigates the impact of exchange rate volatility on the profitability of Vietnamese import–export enterprises through a qualitative descriptive analysis based on secondary data from the State Bank of Vietnam (SBV), the General Statistics Office (GSO), the World Bank, and industry reports from 2015 to 2023. The findings indicate that fluctuations in the USD/VND exchange rate exert significant effects on revenue, production costs, and profit margins of businesses involved in international trade. Import–dependent enterprises face rising input costs when the domestic currency depreciates, while export-oriented firms may benefit from improved price competitiveness abroad. However, the advantages for exporters are often moderated by factors such as exchange rate pass-through, contract rigidity, and rising costs of imported raw materials. The study also reveals that many Vietnamese import–export enterprises still lack effective exchange rate risk management strategies, relying primarily on short-term contract adjustments rather than financial hedging tools. Overall, the results suggest that exchange rate volatility poses substantial challenges to the profitability and long-term competitiveness of Vietnamese import–export enterprises. Strengthening risk management capabilities, expanding the use of hedging instruments, and enhancing financial resilience are essential for mitigating adverse impacts. The findings provide meaningful insights for firms, policymakers, and financial institutions in formulating strategies to stabilize earnings and support sustainable development in the context of increasing global economic uncertainty.