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Vietnam’s economy reaches $262 billion, with $80 billion foreign reserves

Luu Van Dat Monday | 12/30/2019 14:23

Photo: Pixabay.com

Vietnam’s foreign reserves hit a record high of almost $80 billion, which was unimaginable a decade ago, according to Prime Minister Nguyen Xuan Phuc at a conference on Monday in Hanoi.

Prime Minister Phuc told the conference that State Bank of Vietnam has bought $20 billion in foreign currencies this year.

He noted the increased foreign reserves would continue to be used for active intervention to the monetary market, ensuring currency stability, which suggests the Vietnamese dong is likely to see minimal volatility.

It is also helpful for controlling inflation, which was among the positive economic indicators of 2019. International and domestic experts have forecast the dong to remain broadly stable against the greenback, supported by robust FDI inflows and foreign borrowing by domestic banks.

Inflation is only 2.79%, interest rates and exchange rates have remained stable in the context of volatile global financial markets, he said.

The economy’s import and export revenue reached more than $517 billion, with a trade surplus of nearly $10 billion. Per capita income is currently nearly $2,800.

Photo: Vietnamnet
Photo: Vietnamnet

Economy reaches over $262 billion

In 2019, Vietnam’s scale of economy has expanded 1.3 times higher than it was in 2015 to over $262 billion and it maintained a growth rate of over 7% for the second consecutive year.

The economy size rose by 9.3 times from 1986 to nearly $250 billion in 2018 while the country’s digital economy increased by 4 times over the past five years and is expected to account for 20% GDP in the next five years.

The Government plans to create jobs for more than 1.1 million people in 2020 and for a total off nearly 5.5 million by 2025 as the country population is expected to increase by 25 times by 2045.

Phuc also called for further breakthroughs in institutional building, infrastructure development, and human resource development through proactive, drastic and innovative efforts by all sectors and branches in 2020.

Source: VGP

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