Vietnam’s foreign currency reserves may reach USD50bn this year because of state divestment in large corporations and remittances from overseas.
The Governor of the State Bank of Vietnam, Le Minh Hung announced that the current foreign currency reserves stood at USD48bn.
According to Party General Secretary Nguyen Phu Trong, the total reserves increased by USD6bn compared to the same period last year and were the highest yet recorded.
The reserves rapidly increased in the past two years. This year it will continue to rise and may reach USD50bn.
Some of the notable activities this year were the state divestment drive from key corporations and investment in the stock markets. Most recently, Vietnam Beverage, which the Thai Beverage Pcl holds a stake in, bought a nearly USD5bn, 53.59%, stake in the Saigon Beer, Alcohol and Beverage Corporation at an auction on December 18.
Moreover, overseas remittances are pouring in at the year-end. Remittances in HCM City in November stood at over USD4.5bn and are expected to reach USD5bn. 60% of the remittances are from the US and 19% from Europe.