Overseas remittances to rise 26 pct in 2010: central bank

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Overseas remittances to Vietnam, a major source of foreign currency, could surpass US$8 billion this year, up 25.6 percent from 2009, the central bank said in a statement.

By the end of November, Vietnam had received $7.6 billion in overseas remittances, the bank said, adding it estimated an additional $770 million in December.

The bank also expects the trend to continue in January as foreign currency inflows typically increase in the last months of the year ahead of Tet, the Lunar New Year festival, which falls in February next year.

Overseas remittances, together with foreign investment and export earnings, are important capital sources that help keep Vietnam's balance of payment in check.

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