Vietnam’s foreign reserves hit US$79 billion in 2019

Tuesday, 2019-12-31 15:55:33
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Vietnam’s foreign reserves have been improved to cushion external shocks.
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NDO - Vietnam’s foreign exchange reserves have up to now reached approximately US$79 billion, according to State Bank of Vietnam governor Le Minh Hung.

Hung revealed the figure at a conference on December 30, adding that in the 2019 alone the central bank bought in US$20 billion, denoting the injection of VND500 trillion to the economy yet still taking proactive measures to ensure minimal impact on inflation.

Inflation has been maintained at relatively low levels, with core inflation ranging between 1.4% and 2%, which is essential to maintaining a general foundation for the macroeconomy and the operation of businesses.

The central bank governor said such results suggest that foreign exchange policies were well implemented and targeted, thereby tapping into the large foreign reserves.

He added that Vietnam’s foreign reserves were accumulated by not only foreign investment and remittances but also large movements of foreign currencies of corporate and individual holders.

As a result, Vietnam’s foreign reserves have been improved to cushion external shocks.

According to the governor, it also indicates a reduction in the tendency to keep foreign currencies and greater public confidence in the central bank’s monetary policy implementation capacity and foreign investors’ confidence in the Vietnamese economy.