Balance of payment surplus estimated at US$10 bln
The surplus of the country’s overall balance of payment is estimated to hit US$10 billion in 2012, much higher than any previous projection, Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh has confirmed.
SBV forecast early last year that the 2012 surplus would be roughly US$3 billion against US$2.6 billion in 2011. The US$10 billion figure is a extremely high, and was last matched in 2007 when the country joined the World Trade Organisation and became a hot destination for foreign investors.
Binh attributed the improvement of balance of payment to the country’s trade surplus.
Vietnam recorded a trade surplus of US$780 million last year, its first since 1993, according to the General Department of Customs.
International reserves doubled compared to the beginning of 2012, providing ample liquidity for the market without causing any inflation pressure, while maintaining a very stable foreign exchange market and exchange rate during the whole course of 2012.
According to the Ministry of Planning and Investment’s report on 2013 socio-economic development, Vietnam’s forex reserve in 2012 reached 12 weeks of imports.
SBV forecast that this year’s overall balance of payment would be lower than last year, standing at roughly US$7 billion.