Forex market strong on foreign investment, remittances

TN News

Email Print

A rise in foreign portfolio investment and overseas remittance in Vietnam over the first six months has significantly increased supplies on the foreign exchange market, the central bank said Monday.

As the economy and the stock market improved, Vietnam attracted more portfolio investment in the first half this year, estimated at US$350 million, the State Bank of Vietnam said in a statement.

Last year foreigners pulled out $500 million worth of portfolio investment, compared to $578 million in 2008.

The bank also said overseas remittances reached $3.6 billion in the first six months, after surging 30.5 percent in the first quarter.

The increasing inflows and coordinated measures taken by the government have helped improve liquidity in the foreign exchange market, keeping the exchange rate stable since April.

More Business News