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Foreign currency reserves hit 68 billion USD in H1

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.
Foreign currency reserves hit 68 billion USD in H1 ảnh 1Illustrative image (Source: Vietcombank)

Hanoi (VNA) - The State Bank ofVietnam (SBV) has reported a foreign currency reserve amount of 68 billion USD inthe first half of 2019, the highest level so far.

This has helped the centralbank to stablise foreign exchange rates.

According to a macroeconomic report by the BankingUniversity of Ho Chi Minh City, foreign direct investment (FDI) flows annually pouredinto 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 economicactivities.

Vietnam’s export growth in the first half of thisyear expanded only 7.3 percent, 10.5 percent lower than that of the same periodlast year.

Trade deficit was at 37 million USD in the period, while the country enjoyed atrade 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 tradedeficit from the domestic economic sector, rose by only 5.9 percent in thereviewed period.-VNA

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#State Bank of Vietnam #SBV #foreign currency reserve #foreign exchange rate #FDI #US-China trade war #trade surplus #Vietnamplus #Vietnam News #Vietnam News Agency
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