SBV’s governor: Vietnam’s foreign exchange reserves hit record high of US$ 53 billion
The foreign exchange reserves reached the all-time high of US$ 53 billion, an increase of US$ 8 billion compared to the last December.
This above statement was provided by the State Bank of Vietnam (SBV)’s governor Le Minh Hung at the meeting on missions of banking sector in 2018 in January 9, for which this positive trend has been growing since the end of 2017 as of present. Seen as a significant factor to build up Vietnam’s credibility in the global financial market, the leader of the SBV convinced this news will attract more foreign investors coming to Vietnam.
With this record, SBV has injected nearly VND 295 trillion to the economy to purchase US$ 13 billion in throughout 2017. With high liquidity in the domestic foreign exchange market, foreign currency loans are timely provided to local organizations and individuals.
Vietnam is also having a healthy credit growth rate at 18.17%, for which the governor requested banks to continue pushing credit on priority sectors. He also referred to Bloomberg’s view that the Vietnam dong is one of the most stable currency in Asian region.
In touched with the monetary policy in 2017, the SBV has flexibly implemented monetary instruments to stabilize the financial market and take inflation rate under control, enabling credit institutions to reduce interest rate. Under this conditions, lenders are able to growth their loan books, thus, partly contributed to the GDP reaching a 10-year high of 6.81%.
Specifically, the SBV has actively reduced the central rate of 0.25% per year and ceiling rate of 0.5% per year for short term loans in priority sectors, which was followed by the reduction of lending rates at 0.5% per year for short term loans from credit institutions. In particular, some credit institutions have also reduced the lending rate for mid to long term loan to nearly 8% per year.
In the coming time, the banking sector will continue its effort to reduce lending rates, with an aim to support enterprises and economic growth.
SBV has injected nearly VND 295 trillion to the economy to purchase US$ 13 billion in throughout 2017.
|
Vietnam is also having a healthy credit growth rate at 18.17%, for which the governor requested banks to continue pushing credit on priority sectors. He also referred to Bloomberg’s view that the Vietnam dong is one of the most stable currency in Asian region.
In touched with the monetary policy in 2017, the SBV has flexibly implemented monetary instruments to stabilize the financial market and take inflation rate under control, enabling credit institutions to reduce interest rate. Under this conditions, lenders are able to growth their loan books, thus, partly contributed to the GDP reaching a 10-year high of 6.81%.
Specifically, the SBV has actively reduced the central rate of 0.25% per year and ceiling rate of 0.5% per year for short term loans in priority sectors, which was followed by the reduction of lending rates at 0.5% per year for short term loans from credit institutions. In particular, some credit institutions have also reduced the lending rate for mid to long term loan to nearly 8% per year.
In the coming time, the banking sector will continue its effort to reduce lending rates, with an aim to support enterprises and economic growth.
17:51, 2025/01/07
Vietnam prioritizes agriculture and renewable energy for access to green loans
The move is part of the government’s effort to accelerate economic restructuring and build resilience to climate change while protecting the environment.
16:49, 2025/01/06
Vietnam GDP expands by 7.09% in 2024
The 2024 growth rate is considered positive amidst global uncertainties and domestic challenges such as natural disasters.
14:39, 2025/01/04
Vietnam stock market set to accelerate in 2025: Experts
Stable macroeconomic fundamentals, ongoing institutional reforms, and favorable monetary policies will be positive for corporate earnings.
16:31, 2025/01/02
Vietnam stock market aims for emerging status by 2025: Finance minister
By the end of 2024, the benchmark VN-Index reached 1,266.78 points, up 12.11% from 2023.
15:33, 2025/01/02
Vietnam set to extend VAT cut for six months
This measure is expected to accelerate the recovery of production and business activities, which will ultimately benefit the state budget and the economy as a whole.
21:29, 2024/12/31
Vietnam’s credit growth projected to expand by 16% in 2025
Growth must put operational safety first, and channel credit to productive business sectors, priority areas, and growth-driving industries.
- Regional, international financial centers mean boosters to Vietnamese economy: Deputy PM
- IFC sets record with US$1.6 in climate financing to support Vietnam’s green transition
- Vietnam's credit growth up 10% in 10 months
- Building Hanoi's smart city with smart banking
- Vietnam stock market clears major legal hurdle to potential upgrade
- Cashless parking in Hanoi: Good model fuels smart transport