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Vietnam Forex Market ‘Improves’ on More Remittances

Dec. 2 (Bloomberg) -- Vietnam’s foreign-currency market has “improved” with remittances this year estimated to rise about 14 percent from last year, according to the central bank.

Remittances are estimated at $7.3 billion, compared with $6.4 billion last year, the State Bank of Vietnam’s Governor Nguyen Van Giau said in Hanoi today.

The foreign-exchange status has “improved” in the past two weeks, Giau said.

The central bank is working with the Ministry of Industry and Trade to examine the production and reserves of petroleum in the country, Giau said.

Vietnam’s balance of payment deficit was $8.8 billion last year, and the gap was forecast at the beginning of 2010 to drop to $4 billion for the year, Giau said.

To contact the Bloomberg News staff on this story: Diep Ngoc Pham in Hanoi at dpham5@bloomberg.net

To contact the editor responsible for this story: K. Oanh Ha in Hanoi oha3@bloomberg.net

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