vietnam foreign reserves

Foreign Reserves: Total Include Gold data is updated quarterly, averaging 16.338 USD bn from Mar 1995 to Dec 2022, with 112 observations. However, lower farm prices in dong from a stronger currency would hurt agricultural producers and accelerate movement out of the countryside into cities. Censure: Sources, Gross domestic product: Implicit price deflator, Treasury releases report on macroeconomic and foreign exchange policies of major trading partners of the United States, Germany to run worlds largest current account surplus in 2019 Ifo, Switzerland trade, world integrated trade solution, Vietnam trade, world integrated trade solution, Swiss franc soars as Switzerland abandons euro cap, https://doi.org/10.1108/FREP-02-2021-0018, http://creativecommons.org/licences/by/4.0/legalcode, General Statistics Office of Vietnam, 2021a, https://www.adb.org/publications/key-indicators-asia-and-pacific-2020, https://www.gso.gov.vn/en/data-and-statistics/2021/04/socio-economic-situation-in-the-first-quarter-of-2021/, https://www.gso.gov.vn/en/data-and-statistics/2021/01/socio-economic-situation-in-the-fourth-quarter-and-the-whole-year-2020/, https://www.vietnam-briefing.com/news/supporting-industries-vietnam.html/, https://fsppm.fulbright.edu.vn/en/policy-papers/policy-research/intel-products-vietnam-10-year-investment-impact-study-report-2006-2016/, http://www.international-economy.com/TIE_W16_CurrencyDevalSymp.pdf, https://www.imf.org/en/Publications/CR/Issues/2021/02/24/Vietnam-2020-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-50121, https://www.imf.org/en/Publications/WEO/weo-database/2021/April/select-country-group, https://www.snb.ch/en/mmr/speeches/id/ref_20160502_tjn/source/ref_20160502_tjn.en.pdf, http://ven.vn/vietnam-mulls-solutions-to-boost-added-value-of-industrial-production-44258.html, https://www.nasdaq.com/articles/u.s.-treasury-lists-switzerland-and-vietnam-as-currency-manipulators-2020-12-16, https://archive.unu.edu/unupress/unupbooks/uu11ee/uu11ee19.htm#the%20singapore%20johore%20riau%20growth%20triangle:%20an%20emerging%20extended%20metropolitan%20reg, https://crsreports.congress.gov/product/pdf/IF/IF11753, https://www.reuters.com/article/us-vietnam-forex-intervention-exclusive-idUSKBN2AB1I4, https://tradingeconomics.com/country-list/wages-in-manufacturing?continent=asia, https://fred.stlouisfed.org/series/GDPDEF/, https://www.census.gov/foreign-trade/balance/c5520.html, https://www.census.gov/foreign-trade/balance/c4419.html, https://home.treasury.gov/news/press-releases/jy0131, https://www.reuters.com/article/germany-economy-trade-idUSL5N2641DF, https://wits.worldbank.org/countrysnapshot/en/CHE, https://wits.worldbank.org/countrysnapshot/en/VNM, https://www.bbc.com/news/business-30829917. Foreign reserves rise again - VietReader Viet Nam A negative real interest rate is when the interest rate is less than the inflation rate; a negative nominal interest rate is when you get back fewer units of currency than you pay to buy the bond. This records a decrease from the previous number of 88.125 USD bn for Sep 2022. If there is not enough, the price rises. Negotiating with the US might be desirable for economic and other reasons. As a Premium user you get access to the detailed source references and background information about this statistic. Unlike its neighbours and global emerging market peers, Vietnam's central bank only began to raise interest rates in recent weeks to combat inflation. Explore the most complete set of 6.6 million time series covering more than 200 economies, 20 industries and 18 macroeconomic sectors. The data is categorized under Global Databases Vietnam Table VN.KA004: Foreign Reserve. The first option is unattractive. In 1975, however, renewed fighting saw communist-supported North Vietnamese forces pushing closer to Saigon, the capital of South Vietnam, which was still a U.S. ally. Visit emeraldpublishing.com/platformupdate to discover the latest news and updates, Answers to the most commonly asked questions here, Key indicators for Asia and the Pacific 2020, Socio-economic situation in the first quarter of 2021, Socio-economic situation in the fourth quarter and the whole year 2020, Intel products Vietnam: 10-Year investment impact study report 2006-2016, Vietnam: 2020 article IV consultation-press release; staff report; and statement by the executive director for Vietnam, Vietnam mulls solutions to boost added value of industrial production, U.S. Treasury lists Switzerland and Vietnam as currency manipulators, The Singapore-Johore-Riau growth triangle: An emerging extended metropolitan region, Vietnams economy and U.S. Trade: Key Issues in 2021, Exclusive: Vietnam intervened in currency markets weeks after U.S. A single cookie will be used in your browser to remember your preference not to be tracked. Foreign reserves by country 2023 | Statista Foreign Reserves: Annual: Total Include Gold data was reported at 49.497 USD bn in 2017. 29-May-23 Vietnam: Inflation falls to over one-year low in May Inflation came in at 2.4% in May, down from April's 2.8%. According to a Reuters story, in January 2021 the State Bank of Vietnam offered to buy dollars in the forward market to keep the dong from appreciating. If a nation had an import surplus and no capital inflow to pay for surplus imports, the government literally shipped chests of gold coins to the nations that it had to pay. discloses FX reserves data or the amount of dollars spent. If the dong fell from 20,000 to 18,000, it would appreciate or strengthen by 10%, and the dong prices of imports would fall. In 2020, the USD 20 billion trade surplus is nearly 6% of the GDP, which was USD 340 billion (International Monetary Fund, 2021a). Foreign Reserves: IMF data remains active status in CEIC and is reported by International Monetary Fund. 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Consolidated Fiscal Balance: % of GDP (%), Forecast: Government Expenditure (VND bn), State Govt Budget: ytd: Expenditure: Current (VND bn), State Govt Budget: ytd: Expenditure excl Principal Payment (VND bn), Exports: Medicinal and Pharmaceutical Product (USD th), Imports: Medicinal and Pharmaceutical Product (USD th), Exports: ytd: Textiles and Garments (USD mn), Imports: ytd: Computers, Electronic Product (USD mn), Imports: ytd: Machinery and Spare Parts (USD mn), Foreign Portfolio Investment: % of GDP (%), Foreign Portfolio Investment: Equity Securities (USD mn), Foreign Portfolio Investment: Debt Securities (USD mn), Forecast: Current Account Balance (USD bn), Foreign Exchange Reserves: Months of Import (NA), Foreign Reserves: Foreign Exchange (USD mn), Foreign Reserves: Total Include Gold (USD mn), Vietnam Forestry Land: Red River Delta: Ha Nam (ha th), Vietnam Forestry Land: Red River Delta: Nam Dinh (ha th), Vietnam Forestry Land: Red River Delta: Ninh Binh (ha th), Vietnam Forestry Land: Northern Midlands and Mountain Areas (NM) (ha th), Vietnam Forestry Land: NM: Ha Giang (ha th), Vietnam Forestry Land: NM: Tuyen Quang (ha th), Vietnam Forestry Land: NM: Lao Cai (ha th), Vietnam Forestry Land: NM: Yen Bai (ha th), Vietnam Forestry Land: NM: Lang Son (ha th), Vietnam Forestry Land: NM: Bac Giang (ha th), Vietnam Forestry Land: NM: Phu Tho (ha th), Vietnam Forestry Land: NM: Lai Chau (ha th), Vietnam Forestry Land: NM: Son La (ha th), Vietnam Land Use: Central Highlands: Lam Dong (ha th), Vietnam Land Use: South East: Binh Phuoc (ha th), Vietnam Land Use: South East: Tay Ninh (ha th), Vietnam Land Use: South East: Binh Duong (ha th), Vietnam Land Use: South East: Dong Nai (ha th), Vietnam Land Use: South East: Ba Ria - Vung Tau (ha th), Vietnam Land Use: South East: TP. Trading Economics (2021). As Vietnam's inflation continues to stay under control and the Fed's decision to raise its interest rates for the first time since 2018 is expected to have limited impacts on the former's . Therefore, instead of unemployment, prices in the country with the shrinking money supply would fall, and prices and wages in the country with high exports would rise. The Trading Economics Application Programming Interface (API) provides direct access to our data. There is no data available for your selected dates. Treasuries are easily bought and sold in large amounts without changing their price, making them a convenient way to hold foreign exchange reserves. Keep its real currency value stable and try to import more from the US. This website stores cookies on your computer. For instance, if the exchange rate strengthened from VND 23,000 to 21,000 per USD, import prices in dong should drop about 9%. (Eds.). Vietnam Foreign Exchange Reserves May 2023 Data - TRADING ECONOMICS SBV had no comment on the possible widening of the trading band, saying it would be in touch with relevant agencies. Broad money supply (M2) relative to the GDP grew 14 percentage points from 2010 to 2015 when trade surpluses were low or negative and added 44 percentage points from 2015 to 2019 when they grew (Asian Development Bank, 2020). Foreign-exchange reserves rose to USD95.2 billion by end-2020 likely due to a combination of factors, including a current-account surplus and foreign currency purchased by the State Bank of Vietnam (SBV). This records an increase from the previous number of 0.007 USD mn for 2016. General Statistics Office of Vietnam (2021a). An employee counts U.S. banknotes at a bank in Hanoi. One year into the Ukraine war what does the public think about More recently, a report by VNDirect says the central bank got hold of . Large foreign reserves, prospects of trade surplus, and positive remittance inflows could be factors to ensure the stable USD/VND exchange rate in 2022. This records an increase from the previous number of 378.290 USD mn for 2016. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. we can help, according to SBV Governor, Nguyen Thi Hong, 90 percent of Vietnamese workers overseas, particularly hard felt in the fuel industry, Why SEA Craft Beer Brewers are Choosing Vietnam, Foreign Contractor Tax in Vietnam: A Complete Guide for 2023, Demand deposits and deposits with terms of less than a month, Deposits with terms ranging from 1-6 months, Deposits in VND at Peoples Credit Funds of Vietnam and microfinance institutions, Overnight loans through interbank electronic payments and loans from the SBV to cover capital shortfalls when clearing payments to credit institutions, Credit institutions and foreign bank branches (except for Peoples Credit Funds and microfinance institutions) short-term loan interest rate, Peoples Credit Funds and microfinance institutions short-term loan interest rate. The gold component of these reserves is valued at year-end (December 31) London prices. The full terms of this license may be seen at http://creativecommons.org/licences/by/4.0/legalcode. It is ironic that the Trans-Pacific Partnership, which Vietnam joined and the US withdrew from, has provisions for dealing with currency issues like this. In 2020, according to US data there were only USD 10 billion in US exports to Vietnam and USD 80 billion in exports (including freight and insurance) from Vietnam to the US (U.S. Census Bureau, 2021a). Up until October 17 that was 3 percent either side of the daily rate set by the SBV. Foreign Reserves: Annual: Total Include Gold data is updated yearly, averaging 12.926 USD bn from Dec 1995 to 2017, with 23 observations. Currently, you are using a shared account. This led the US Treasury to find that Vietnam is a currency manipulator and giving an unfair advantage to the countrys exports. Vietnam is on the low end of reserves relative to its imports, as shown in Figure 3. In fact, the State Bank of Vietnam has to effectively buy dollars (increase foreign exchange reserves) to keep the real exchange rate stable. Fitch Revises Vietnam's Outlook to Positive, Affirms Rating at 'BB' In reality, many things affect exchange rates: shifts in trading patterns, productivity growth, world prices of exports and imports, and changes in capital flows. If you decline, your information wont be tracked when you visit this website. Recently, Vietnams trade surplus has been increasing, particularly with the United States. "The government needs to focus on increasing exports and attracting foreign companies, remittances and tourism". This article is published under the Creative Commons Attribution (CC BY 4.0) license. Of course, Germany uses the euro as its currency, and this is set to account for other economies with less impressive export records. facts. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The State Bank of Vietnam (SBV) has been buying foreign currency since January, acquiring an extra US$2.78 billion last month, raising the nation's foreign exchange reserves to US$91.78 billion, as per an analytical report published by BIDV Securities in early February. Fed rate hike to have limited impacts on Vietnam - Hanoitimes.vn Large numbers of workers leaving farming each year would put heavy stress on urban infrastructure and could increase social instability. [Online]. (May 10, 2023). The source, who refused to be identified, said the country is willing to tolerate a further 1-1.5% dong devaluation against the dollar by year end. Foreign Reserves: Special Drawing Rights data was reported at 377.562 USD mn in Sep 2018. In other words, we see whether the currency has adjusted for changes in relative inflation or whether the currency has differed from that expected level (see Figure 1). The data reached an all-time high of 19.323 USD mn in Mar 1975 and a record low of 0.000 USD mn in Dec 1981. Exclusive: Vietnam intervened in currency markets weeks after U.S. Vietnam: 2020 article IV consultation-press release; staff report; and statement by the executive director for Vietnam, available at: https://www.imf.org/en/Publications/CR/Issues/2021/02/24/Vietnam-2020-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-50121 (accessed 18 April 2021). World Bank. Save up to $15 with TurboTax coupon May 2023, Epic Bundle - 3x Expert Stock Recommendations, 15% Off DIY Online Tax Filing Services | H&R Block Coupon, 10% TopResume Discount Code for expert resume-writing services, Groupon Deal of the Day - June: Up to 91% OFF w/ Groupon Coupon. If inflation in Vietnam were 10% and zero in the US, a move from VND 20,000 to 22,000 in the exchange rate would keep the real value of the dong the same. Foreign Reserves: Annual: IMF data was reported at 0.007 USD mn in 2017. Macleod, S., & McGee, T.G. It is the best overall indicator of a currencys total change in real terms. Then, prices were more flexible. In the wake of a number of troubles facing Apax Leaders, once one of Vietnams biggest English language training providers, foreign firms may find a fertile market entry opportunity. Another analytical approach is simply to see if the relative real value of a currency has changed compared to the dollar. Vietnam is now also a large exporter of rice. Throughout the course of 2022 this has occurred multiple times in response to higher demand for credit. After Vietnam achieves a comfortable level of foreign exchange reserves relative to its imports, the government will have to decide what combination of currency change and domestic structural reforms will be best. Jun 15, 2023 Of all the countries in the world, China had, by far, the largest international reserves in 2022, with 3.46 trillion USD in reserves and foreign currency liquidity. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Total reserves in Vietnam from 2011 to 2021 (in billion U.S. dollars) [Graph]. Vietnam Foreign Reserves: Foreign Exchange data was reported at 84.693 USD bn in Dec 2022. Over the weekend, Vietnams National Assembly approved two key bills that may impact foreigners and foreign firms. EXCLUSIVE Vietnam may widen dong trading band again to - Reuters The SBV sets the price of the local currency each day. This is in contrast to much bigger devaluations among its regional peers. The data reached an all-time high of 539.534 USD mn in 2012 and a record low of 55.405 USD mn in 1995. List of countries by foreign-exchange reserves - Wikipedia Vietnam - Foreign Reserves, Months Import Cover, Goods Distribution and use of this material are governed by Payable monthly by credit card. The right policy mix depends on the pace of change not only in the currency but also in the modernization of agriculture and Vietnamese firms that supply parts for exporters [12]. The reserves are made of gold or a specific currency. Officials to prioritize exchange rate stability to curb prices, Better inflation to allow a more accommodative monetary policy. For many years, the Japanese yen was held at JPY 360 to USD 1, but it has strengthened to JPY 105 to USD 1, reflecting Japans productivity growth. The International Economy Winter 2016, available at: http://www.international-economy.com/TIE_W16_CurrencyDevalSymp.pdf (accessed 18 April 2021). Its Money Supply M2 increased 541.7 USD bn YoY in Nov 2022. Vietnam's foreign reserves hit USD 63 billion as of April But large inflows of foreign currency raised the value of the Swiss franc so much it hurt exporters. What is Foreign Exchange Reserves in Vietnam? Analysts argue that US-China trade tensions contributed to Vietnams exports to the US (Martin, 2021). There are lots of dollars relative to (say) yen, so the price or value of the dollar should drop compared to the yen. Vietnam Veterans Memorial Fund - Wikipedia For example, Chinas 2019 trade surplus was 3% of the GDP. Vietnam foreign exchange reserves trend In Vietnam, Foreign Exchange Reserves are the foreign assets held or controlled by the country central bank. But that could lead to tariffs imposed on Vietnams exports to the US. "Vietnam has been able to achieve good growth in its currency exchange reserves in the last four years," economist Can Van Luc told VnExpress International. The base salary (not to be confused with the minimum wage) is rising and this will change social and health insurance caps. Gross domestic product: Implicit price deflator, available at: https://fred.stlouisfed.org/series/GDPDEF/ (accessed 18 April 2021). Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. Show sources information statistic alerts) please log in with your personal account. License number: 71/GP-CBC, Ministry of Information and Communications, September 22, 2021. This allows the State Bank to avoid triggering a US Treasury condition by not intervening in spot currency markets by buying dollars (Nguyen & Westbrook, 2021). Nearly every major economy could be found guilty of driving down interest rates and thus weakening its currency. Switzerland has run trade surpluses of 510% of the GDP since 2010 (World Bank, 2020a). According to the source, total reserves comprise holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange under the control of monetary authorities. Directly accessible data for 170 industries from 150+ countries The data is categorized under Global Databases Vietnam Table VN.KA004: Foreign Reserve. These cookies are used to collect information about how you interact with our website and allow us to remember you. All rights reserved. Wages in manufacturing, available at: https://tradingeconomics.com/country-list/wages-in-manufacturing?continent=asia (accessed 18 April 2021). World Bank (2020a). When the SBV last widened the band around its daily dong reference rate on Oct. 17 to 5% from 3% -- which some traders likened to a de facto devaluation -- the currency fell to the weak end in a sign of the heavy demand for dollars. Get quick analyses with our professional research service. The real VND/USD exchange rate is the nominal rate divided by the Vietnam/US inflation index. Vietnam's foreign exchange reserves to grow this year Many nations hold foreign exchange reserves as a buffer or insurance against emergencies or falling export prices. Visit their website to see how their services can help your business succeed. Includes Foreign Exchange Reserves on 115 economies standardised by CEIC. Socio-economic situation in the fourth quarter and the whole year 2020, available at: https://www.gso.gov.vn/en/data-and-statistics/2021/01/socio-economic-situation-in-the-fourth-quarter-and-the-whole-year-2020/ (accessed 18 April 2021]. That said, these limits are often readjusted. First, we have to know the real exchange rate of the dong against the dollar. 2021 CEIC Data, an ISI Emerging Markets Group Company. Larger foreign policy considerations and important economic groups will have to be weighed. Even so, the US Treasury listed Switzerland and Vietnam as currency manipulators because Switzerland has high overall trade surpluses [5] and a bilateral trade surplus with the US (U.S. Census Bureau, 2021b). Allowing modest appreciation while buying more US goods would show good faith. Vietnams foreign-exchange reserves excluding gold are forecast to rebound to $95 billion by the end of the year as the central bank rebuilds its stockpile, Moodys Investor Service said. The timing of such moves was still under consideration, he added, but would likely be after next week's Federal Reserve meeting where it is expect to deliver another hefty rate hike. Emerging World Cities in Pacific Asia. Treasury statements about Vietnams currency are referred to, which then are analyzed. In 2019, Switzerland, also cited for currency manipulation, had a trade surplus equal to 5%. This will inevitably lead to a stronger US dollar, which will impact currencies around the world and the Vietnamese dong is no exception. Having inflation just offset a depreciating currency does not weaken the real value of the currency. -1.80 -0.09% Vietnam's foreign-exchange reserves excluding gold are forecast to rebound to $95 billion by the end of the year as the central bank. Around $2 billion of foreign investment inflows in the form of existing loan contracts are expected next month, which could reduce the pressure on the currency. "Total reserves in Vietnam from 2011 to 2021 (in billion U.S. If you decline, your information wont be tracked when you visit this website. Therefore, the dong appreciated in real terms, curbing exports. Vietnam had trade deficits in 2010, 2011 and 2015 and virtually balanced trade in 2012 and 2013. Foreign Reserves: Foreign Exchange data remains active status in CEIC and is reported by CEIC Data. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Allow its currency to appreciate to reduce the countrys trade surplus. View pricing options Even with these recent trade surpluses, Vietnams ratio of foreign exchange reserves to imports is lower than that of many other Asian nations. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Vietnam's Emission Reductions program is working to increase forest cover . In Lo, F., & Yeung, Y. Tariffs imposed on Vietnam by the US would reduce exports and make the country a less attractive destination for FDI. A stronger US dollar has far-reaching implications for emerging economies like Vietnam. In fact, it depreciated by nearly 30%. Business Vietnam's foreign exchange reserves to grow this year VNDirect Securities Corporation expects Vietnamese foreign exchange reserves to recover to 3.3 months of imports and reach 102 billion USD by the end of this year from the current level of 89 billion USD last year, said in its updated macro report. Jordan, T.J. (2016). Home - Vietnam Veterans Memorial Fund articles a month for anyone to read, even non-subscribers! A 1988 law instructs the US Treasury to identify countries with unfair currency manipulation if they have a sustained and substantial overall trade surplus and a large bilateral trade surplus with the US. The data is categorized under Global Databases Vietnam Table VN.KA004: Foreign Reserve. As a Premium user you get access to background information and details about the release of this statistic. Vietnam Foreign Reserves: Total Include Gold data was reported at 87.131 USD bn in Dec 2022. The data reached an all-time high of 419.669 USD mn in 2009 and a record low of 0.000 USD mn in 1992. Business Solutions including all features. Ironically, these clauses are in the Trans-Pacific Partnership (TPP) that the US negotiated with other nations but then decided not to enter.

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