Foreign currency reserves to reach USD50bn

Created 26 December 2017
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

Vietnam’s foreign currency reserves may reach USD50bn this year because of state divestment in large corporations and remittances from overseas.

  

illustrative photo

 

The Governor of the State Bank of Vietnam, Le Minh Hung announced that the current foreign currency reserves stood at USD48bn. 

According to Party General Secretary Nguyen Phu Trong, the total reserves increased by USD6bn compared to the same period last year and were the highest yet recorded.

The reserves rapidly increased in the past two years. This year it will continue to rise and may reach USD50bn.

Some of the notable activities this year were the state divestment drive from key corporations and investment in the stock markets. Most recently, Vietnam Beverage, which the Thai Beverage Pcl holds a stake in, bought a nearly USD5bn, 53.59%, stake in the Saigon Beer, Alcohol and Beverage Corporation at an auction on December 18.

Moreover, overseas remittances are pouring in at the year-end. Remittances in HCM City in November stood at over USD4.5bn and are expected to reach USD5bn. 60% of the remittances are from the US and 19% from Europe.

 

Source: DtNews

Maybe You Also Interesting :

» Defendants at PVN trial express regret, apologise to the Party

Defendants in the first-instance trial on several charges of wrongdoings at the State-owned oil PetroVietnam (PVN) group made final statements at the court on...

» Hydropower plants in Hà Giang province violate norms

The People’s Committee of northern mountainous Hà Giang Province has found many small hydropower plants in the locality violating norms. 

» Researchers suggest ban on mobile phone while driving

Transport researchers have suggested banning the use of mobile phone while car driving as it threatens road safety. 
loading...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet