Vietnam’s foreign exchange reserves soared from around US$28 billion 2-1/2 years ago to US$64 billion at present, said Prime Minister Nguyen Xuan Phuc at a National Assembly meeting on the nation’s socio-economic performance on May 22.
The Government leader was quoted by local media as saying at the National Assembly’s fifth sitting that public confidence in the political system has improved significantly.
“NA deputies have already looked into macroeconomic indicators from inflation to exchange rates and budget collections … We have changed from a passive role to an active one,” the PM said.
He said public debts at the end of the previous tenure accounted for 64.8-65% of gross domestic product (GDP). However, given strong economic expansion, public debts now make up 61% of GDP.
GDP has leapt to over VND5,000 trillion (US$220 billion), he said, adding that if GDP grows at a rate of 6.7%, the VND7,000 trillion mark could be achievable soon, thus putting the country in a better economic position.
He noted the country’s foreign exchange reserves totaled around US$28 billion at the end of the previous NA tenure but the figure has now picked up to US$64 billion.
“The exchange rate has been more stable, and inflation has been under control,” he added.
The PM said the nation’s competitiveness, and investment and business environment index have improved. - SGT -