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  Foreign Investment

Improvement of policy on foreign exchange management

In the recent years, Vietnam�€™s foreign exchange management

policy has been improved step by step, particularly the following points:

* Reducing rate of compulsory selling foreign exchange earners

to the bank to zero percent; it means enterprises are allowed to keep 100

percent of their foreign exchange earners gained through their accounts opened

with banks, and to have full right to use their foreign exchange on the

accounts;

* Liberalization of interest rate for foreign exchange;

* Relaxing margin of exchange rate applied for foreign exchange

dealing between the bank and its customers.

The new changes have created favorable condition for business

and operation development. In recent two years, the exchange rate was stable; in

the first eight months of 2003, exchange rate increased only 0.6 percent.

Overseas Vietnamese repatriation remittance in the recent two years reached

U$$2.2 billion each year. National foreign exchange reserve was increased step

by step, having reached US$3,030 million in 2000, US$3,971 in 2001, US$4,557

million in 2002, and now it is the same level of US$4,557, according to figured

released from the State Bank of Vietnam.

Vietnam Economy - (01/09/2003)


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