Vietnam’s forex reserves have been on the increase in the recent years and are projected to keep rising in the coming time. (Illustrative photo: VNA) Hanoi (VNA) – Vietnam’s forex reserves have been on the increase in therecent years and are projected to keep rising in the coming time.
The reserveshave seen an upward trend since 2011, as the amounts reached 105 billion USD lastyear from just 12.5 billion USD recorded in 2010, a 8.8-fold increase.
The upward trend in the country's forex reserves is predicted thanks to favourable factors such as growing trade surplus and overseas remittances.
Despite theadverse impacts of the COVID-19 pandemic since 2020, remittances sent home by overseas Vietnamese have continued to surgeand are estimated to hit 18.9 billion USD this year.
As countriesshould hold reserves covering 100 percent of short-term debts or equivalent to the three-month import value, Vietnam’s reserves equaled 4.3 monthsof imports in 2020, and 3.8 months in 2021.
The scaleof Vietnam’s forex reserves currently ranks fifth in Southeast Asia, 14th inAsia and 24th across the world.
Thereserves came from foreign direct and indirect investment, remittances, and spendingof foreign tourists, among others./.
