Vietnam foreign reserves up $3 billion in first half

TN News

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Vietnam's foreign reserves "improved significantly" in the first six months of the year, according to a recent report from the Ministry of Planning and Investment.

The reserves rose by US$3 billion in the first half of the year, while the trade deficit hit $7.5 billion, equivalent to 18 percent of the country's exports. Vietnam aims to keep the annual trade deficit below 16 percent of exports in 2011.

According to the ministry, the economy will continue to face many difficulties in the last six months of the year. However, the government is still hoping to see an annual growth of between 6 and 6.5 percent.

Vietnam's economy expanded 5.6 percent in the first half of 2011, much lower than the target of 7-7.5 percent previously set by the National Assembly.

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