Vietnam’s foreign reserves rise to $84 billion from $79 end-2019

The banking industry and the central bank have the capacity and tools to control the foreign exchange market and stabilize the exchange rate to strengthen the confidence of the market and investors. Hung said.  

“We are ready to intervene in the forex market when necessary. Since the beginning of this year, we have not deployed measures to intervene in the market. With current foreign exchange reserves, we have sufficient resources to ensure macroeconomic stability,” the Governor affirmed.

The Vietnam central bank has prepared scenarios to cope with international impacts and domestic developments. In the first 3 months of this year, the exchange rate and forex remained stable with the rate fluctuation within between 1.3 - 1.5%.

Credit growth in the first 3 months was reported at 1.3% to VND8,300 trillion ($354 billion). And 23% of the outstanding loans or VND2,000 trillion ($85.3 billion) were affected by COVID-19.

For the whole year of 2020, the governor expected credit will grow between 11-14% by injecting additional VND900 trillion ($38 billion) to VND1.100 trillion ($46.6 billion), to the economy. 

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