Compared to 2016 end-of-year statistics, Vietnam’s foreign exchange reserves have increased by US$6 billion.
At the regular meeting between the government and localities on July 3, governor of the State Bank of Vietnam (SBV) Le Minh Hung said that the national foreign exchange reserves reached approximately US$42 billion.
According to the International Monetary Fund (IMF), the foreign exchange reserves of Vietnam have continuously increased for the past five years, from US$25.4 billion in 2012 to US$45 billion this year.
Vietnam is currently pursuing the guideline of reserves equivalent to 12 weeks’ (3 months) worth of subsequent year’s imports, which was used as the accepted measure by IMF. Countries having foreign exchange reserves equivalent to 18-24 weeks’ worth of the following year’s imports are called “the billionaire”.
In first nine months of 2017, Vietnam imported about US$154 billion worth of goods with an average of US$4 billion per week. These figures have been significantly manipulated by export activities of Samsung, a South Korea-based mobiles and high-tech electronic products manufacturer. However, Vietnam is expected to reach its target.
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The United Capital Management Joint Stock Company (Unicap) which manages investment funds will provide financial services to FLC and Faros in the near future.
Techcombank has announced that two separate legal entities managed by Warburg Pincus will invest over US$370 million into the Bank, subject to appropriate regulatory approvals.
In only the first two months of this year, the banking, financial services and insurance sector (BFSI) of Vietnam received up to US$1.45 billion worth of investment.
It is feared that the escalating trend of trade protectionism will hinder global growth and make many businesses struggle for survival.
According to the World Bank, remittances to Vietnam in 2017 are estimated at a record high of US$13.81 billion, increasing by US$1.9 billion, equivalent to 16% over 2016.
Within less than five months leading the Southeast Asia Joint Stock Commercial Bank (SeABank), Nguyen Canh Vinh has resigned from this position since February 8, 2018, for personal reason.
