Vietnam’s foreign reserves hit $64 billionVietnam’s foreign reserves has increased by 130 percent to nearly 64 billion USD in the past two-and-a-half years, Prime Minister Nguyen Xuan Phuc has said. In addition to this, the domestic supply-demand relationship with the dollar was relatively stable, thanks to foreign currency supply from exports, foreign investment, official development assistance, tourism and remittances. The SBV affirmed it would continuously try to build up the country’s foreign reserves this year to cushion external shocks, besides supporting efforts to stabilise the forex market. Fitch Ratings recently also forecast that Vietnam’s foreign reserves would increase to about 66 billion USD by the end of this year from 49 billion USD in 2017. This year, the SBV has changed its way of purchasing foreign currency.

Source: VietNamNet News May 24, 2018 03:00 UTC