Viet Nam’s foreign exchange reserve was standing at a new record high of US$92 billion. — Photo plo.vn Viet Nam’s foreign exchange reserve has hit a new record high of US$92 billion, a significant expansion from the $84 billion which the Governor of the State Bank of Viet Nam Le Minh Hung revealed in April. At a recent Government meeting, Prime Minister Nguyen Xuan Phuc said the country’s forex reserve was expected to hit $100 billion by the end of this year, five times higher than the level recorded at the beginning of his term. Statistics of the General Department of Customs showed that August saw a trade surplus of $2.5 billion and a surplus of $10.93 billion in the January-August period, providing a plentiful supply of foreign currencies which enabled the central bank to purchase foreign currencies from the beginning of this year. Financial expert Nguyen Tri Hieu said that high reserves would be an important buffer to help the economy withstand external shocks, which would contribute to stabilising the macroeconomy, strengthening foreign investors’ confidence. “A stable forex market will make foreign investors feel secure when investing in Viet Nam because they will be less worried about forex risks,”… Read full this story
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