BizLIVE - The Vietnamese central bank has reported a continued build-up of its reserve fund.  

Vietnam’s Forex Reserves Approach $52 Billion: Central Banker
SBV Governor Le Minh Hung. Photo: Internet
The State Bank of Vietnam (SBV), the country’s central bank, has purchased around $13 billion in hard currencies to scale up its forex reserves to nearly $52 billion currently, SBV Governor Le Minh Hung said at a government teleconference on December 29.
The amount is higher than $51.5 billion announced by SBV Deputy Governor Nguyen Thi Hong on December 27 and represents an increase of $4 billion against an update 10 days ago.
“[The SBV’s] management of the foreign exchange policy and the forex market has ensured the supply of forex for the economy, supported exports and helped keep the forex market stable,” Hung said.
“The build-up of the forex reserves is significant for the enhancing Vietnam’s position and prestige as well as enhancing foreign investors’ confidence,” he added.
The governor informed that lending interest rate levels have decreased 0.5-1 percentage point this year, helping ease the financial burden of the business community.
He affirmed that the banking authority closely monitored credit flows for sectors deemed risky such as real estate and securities. Instead, credit was funneled into key sectors, rising 30% in the case of manufacturing, 21% for agriculture and 28% for high-tech companies.