The State Bank of Vietnam (SBV) has reported a foreign currency reserve amount of 68 billion USD in the first half of 2019, the highest level so far.
This has helped the central bank to stablise foreign exchange rates.
According to a macroeconomic report by the Banking University of Ho Chi Minh City, foreign direct investment (FDI) flows annually poured into Vietnam are important resources for the nation’s foreign currency reserves.
The report also pointed out challenges facing Vietnam in the coming time, including the US-China trade war which causes impact on global economic activities.
Vietnam’s export growth in the first half of this year expanded only 7.3 percent, 10.5 percent lower than that of the same period last year.
Trade deficit was at 37 million USD in the period, while the country enjoyed a trade surplus of 4.12 billion USD a year before.
Export turnover of the domestic economic sector increased by 10.8 percent. Meanwhile, that from the FDI area, which plays a crucial role in offsetting trade deficit from the domestic economic sector, rose by only 5.9 percent in the reviewed period.-VNA
The State Bank of Vietnam (SBV) bought 8.35 billion USD from credit institutions between the beginning of this year and April 17 to build up the nation’s foreign reserve.