Vietnam’s foreign reserves hit US$63 billion as of April

15:08 | 09/05/2018 Economy

Vietnam’s foreign exchange reserves grew to a record high of almost US$63 billion as of the end of April, a senior Government official has stated.

vietnams foreign reserves hit us 63 billion as of april
Vietnam purchased an additional US$32 billion over the past two years

Chairman of the Government Office Mai Tien Dung informed the media that Vietnam purchased an additional US$32 billion over the past two years.

He said that large reserves will provide more room for the State Bank of Vietnam to implement its monetary policy, especially in helping to maintain stability in exchange rates.

In 2017, the exchange rate between the US dollar and the Vietnamese dong increased by just 1.2 percent, lower than the 2 pct target set by the government.

According to the National Financial Supervisory Commission, the USD/VND rate continued to remain stable in the first quarter of 2018 and was supported by a strong supply of foreign currency.

The exchange rate stood at VND22,463 per US dollar as of March 29, up 0.21 pct against the end of 2017.

In addition to providing adequate foreign currency for the economy and helping to control the foreign exchange market, strong foreign reserves will boost foreign investors’ confidence in the Vietnamese market, said central bank governor Le Minh Hung.

Theo NDO