Vietnam Forex Reserves Fall to 12 Weeks of Imports, Giau Says
Vietnam’s forex reserves are now down to 12 weeks of imports, compared with 20 weeks by end-2008, the InfoTV channel reported on October 21, quoting Governor Nguyen Van Giau of the State Bank of Vietnam.
Giau admitted adverse impacts of the global economic downturn on the country’s economy as a whole, particularly exports, foreign investments and tourism, which are main dollar sources of Vietnam.
This year, exports may drop 9.9% while remittances could fall 15% from a year earlier, which will possibly pressure the country’s balances of payments, Giau noted.
The government of Vietnam is in negotiations with donors for more aid to add its forex reserve, Giau explained, adding Vietnam will borrow US$1 billion from international institutions a year in the next three year.
Next year, the World Bank will finance US$1 billion for Vietnam to boost economy, Giau added. (InfoTV)
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