Domestic gold prices have surged in recent weeks amid rising geopolitical tensions.

However, Vietnam was placed back on a US Treasury currency "watch list".

The initiative aims to make cross-border transactions faster, more transparent and cost-efficient, and assure benefits and obligations of consumers.

After the last two interest rate cuts, lending rates on the market have fallen to below 8% per annum.

Amidst the global uncertainties, the Central Bank has been buying back foreign currencies to ensure an adequate trade balance and economic stability.

Vietnam is among five economies removed from the monitoring list for "having met only one out of three criteria for two consecutive reports."

The move is aimed to ease the pressure of a stronger US dollar on international markets.

Monetary policy should be maneuvered in a flexible and active manner to ensure sustainable growth and stability of both monetary and foreign-exchange markets, said the Party chief Nguyen Phu Trong.

The central bank will continue to monitor actual economic situation and that of the pandemic to expand credit support appropriately.