Vietnam’s forex reserves forecast to recover by year-end
Moody’s Investor Service has forecast that Vietnam’s forex reserves excluding gold will rebound to 95 billion USD by the end of the year as the State Bank of Vietnam rebuilds its stockpile.
Hanoi (VNA) - Moody’s Investor Service has forecast that Vietnam’sforex reserves excluding gold will rebound to 95 billion USD by theend of the year as the State Bank of Vietnam rebuilds its stockpile.
Nishad Majumdar, a sovereign analyst in Singapore, held that therecent appreciation of VND, which reflects the improved external position, willgive the central bank space to rebuild the forex buffers that were spent downduring the USD’s rally last year.
Vietnam’s reserves stood at 88.3 billion USD in January,according to the International Monetary Fund.
Majumdar held that the recovery in tourism and steadyforeign direct investment inflows will help boost the nation’s reserves even asexports weaken.
The VND has advanced 6% in the past six months, joining arally in Asian peers, as the USD has weakened.
He recommended that Vietnam prioritise exchange ratestability as a means to stabilise inflation and create certainty for inboundinvestors.
A stronger VND reduces the local-currency value of thegovernment’s external debt, which still accounts for about a third of overallgovernment borrowing, he said.
It will also likely mitigate the impact of higher import andmanufacturing input costs into domestic inflation, giving the authoritiesfurther space to pursue a more accommodative monetary policy, the expert added./.
The State Bank of Vietnam (SBV) obtained a large amount of foreign currencies in the first half of 2019, pushing foreign exchange reserves recorded in the period to the highest level to date.
Vietnam’s foreign exchange reserves have reached approximately 79 billion USD so far this year, with a quarter of it bought by the State Bank of Vietnam (SBV), according to SBV Governor Lai Minh Hung.
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Illustrative image (Source: baodautu.vn) 
