RemittancesGateway.org

Foreigners, Remittances Help Boost Dollar Supply In Vietnam - Central Bank

Tuesday, 29 June 2010 09:26

Source: Dow Jones Newswires
By: Nguyen Pham Muoi

Hefty inflows of foreign investment and the increased volume of monetary remittances from Vietnamese working overseas have boosted Vietnam's dollar supply so far this year, the central bank said Tuesday.

The stock market has drawn $350 million from foreign investors so far this year, the central bank said, without giving comparative figures.

Meanwhile, remittances from citizens working overseas reached $3.6 billion in the first half, including $2.05 billion in the first quarter, up 30.5% on year, the central bank said in a statement.

Foreign investors withdrew $500 million from the local stock market in 2009 and $578 million in 2008, the Lao Dong newspaper reported, citing central bank figures.