The paper aims at identifying roles of exchange rate policy as a tool of macro-prudential policy. It is structured into 4 sections. Section 1 analyses developments of exchange rate in both official and parallel markets in Viet Nam during 2017. The next section focuses on reviewing all foreign exchange related measures implemented by the SBV in stabilizing the financial market in general, and foreign exchange market in particular. Then, in the section 3, by employing an econometric model, the paper evaluates effectiveness of macro-prudential policy though foreign exchange related instruments in Vietnam for period 2007-2016. Lastly, policy recommendations are suggested for enhancing effectiveness of macro-prudential policy in Viet Nam. Keywords: Macro-prudential policy, exchange rate policy, Viet Nam.