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Foreign reserves at record highs

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Foreign reserves at record highs

Vietnam’s foreign reserves have shot up to a new high of US$63 billion - PHOTO: TL

HCMC - Vietnam’s foreign reserves have shot up to a new high of US$63 billion, according to a report in Nguoi Lao Dong newspaper.

Over the past two years, the State Bank of Vietnam (SBV) has bought US$32 billion. It put foreign reserves at nearly US$60 billion as of early February.

The central bank has bought such a big amount of foreign currencies thanks to abundant supplies.

According to the General Statistics Office, the nation had a trade surplus of US$3.39 billion in the first four months of the year.

In addition, foreign investors have injected foreign capital into the economy via indirect investment channels. Technological and Commercial Joint Stock Bank (Techcombank), for example, has successfully sold more than 164 million common shares to institutional shareholders for nearly US$922 million.

Last Thursday, SBV set the Vietnam dong-U.S. dollar exchange rate at VND22,552 per dollar, slightly decreasing over the last trading session but up VND146 or 0.65% compared to early this year.

Meanwhile, commercial banks have adjusted up the buying and selling prices of the U.S. dollar to VND22,735 and VND22,805 each respectively, up VND5 over the last trading session.

Saigon Jewelry Company (SJC) last Thursday quoted the buying and selling prices of gold at VND36.57 million and VND36.75 million per tael, almost unchanged from the previous trading session. Besides, the global gold price stayed at US$1,310 an ounce after a plunge on the previous weekend.

However, a smaller reduction in the local gold price than the global price has resulted in a price gap of VND700,000 per ounce.

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Giấy phép Báo điện tử số: 321/GP-BTTT, cấp ngày 26/10/2007
Deputy Editor-in-Chief: Pham Huu Chuong
Managing Editors: Nguyen Van Thang
Assistant Managing Editor: Pham Dinh Dung
Head Office: 35 Nam Ky Khoi Nghia St., Dist.1, Ho Chi Minh City, Vietnam. Tel: (84.28) 3829 5936; Fax: (84.28) 3829 4294.
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