Vietnam’s foreign reserves have surged 2.5 times against 2015, Governor of the State Bank of Vietnam (SBV) Le Minh Hung said.

The State Bank of Vietnam (SBV) bought a record high amount of foreign currencies this year. The same is expected in 2020.

Vietnam’s forex reserves had reached $73 billion, equal to the value of 14 weeks of imports, as of October 31.

After two big purchases of foreign currencies in the first four months of the year and from July until now, Vietnam’s forex reserves reached the highest level, now at $70 billion.

More than VND33.5 trillion ($1.4 billion) worth of foreign portfolio investment (FPI) in both stocks and bonds were poured into Vietnam in the last three quarters of the year. 

Vietnam needs a gradual sustainable increase in forex reserves, rather than a shocking increase as seen in the last two years, according to analysts. 

Viet Nam saw US dollar deposits overseas skyrocketing, possibly due to foreign currency policies implemented by the central bank, the Viet Nam Institute for Economic and Policy Research (VEPR) said.