The central bank said that the increase of overseas remittances and FII into Vietnam in the first 6 months of 2010 has significantly contributed to boosting the supply of foreign currencies and helped in stabilising the forex market. …

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Inward remittances, FII inflows help stabilise Vietnam's forex …

Since the start of April, the US dollar price on the free market continuously has tumbled, even some times down to below the trading forex rate of the banking system. SBV still was patient to maintain the interbank forex rate at 18,544 dong/US dollar while commercial banks did not use entire the allowable forex rate trading band, so the US dollar price was still in downtrend against the dong

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Foreign exchange market overview

The US dollar buying price at banks continued rising and reached 19,090 dong/US dollar, lower 10 dong/US dollar than the selling price. Meanwhile, US dollar interest rates were kept sustainable whereas the negotiated rate of medium and long loans in dong jumped to 17 percent pa. Therefore, many enterprises shifted to borrow US dollar instead of dong, however they still are afraid of forex rate risks as banks’ US dollar source may not be able meet their demand.

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Businesses still afraid of forex rate risks as borrowing US dollar loans