14:53 | 29/07/2019 Finance - Banking
The State Bank of Vietnam (SBV) has reported a foreign currency reserve amount of US$68 billion in the first half of 2019, the highest it’s ever been.
|Vietnam's foreign currency reserves hit US$68 million in the first half of 2019|
This has helped the central bank to stablise foreign exchange rates.
According to a macroeconomic report by the Banking University of Ho Chi Minh City, foreign direct investment (FDI) flows annually poured into 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 is having an impact on current global economic activities.
Vietnam’s export growth in the first half of this year expanded only 7.3%, 10.5% lower than that of the same period last year.
The trade deficit was at US$37 million during the period, while the country enjoyed a trade surplus of US$4.12 billion a year earlier.
Export turnover of the domestic economic sector increased by 10.8%. Meanwhile, that from the FDI area, which plays a crucial role in offsetting the trade deficit from the domestic economic sector, rose by only 5.9% in the reviewed period.