Remittances to Vietnam hit new record
Vietnam is forecast to receive between $4.5 billion and $4.8 billion worth of overseas remittances in 2013, significantly more than the $4.1 billion in 2012.
Ho Chi Minh City is the country’s biggest inward remittances receiver, getting around $2.5 billion for the first eight months of 2013.
Remittances to Vietnam are often sent by overseas Vietnamese and Vietnamese guest workers. Notably, the workers’ remittances have gradually increased thanks to the availability of more competitive transfer services as well as a condition for which money recipients can withdraw foreign currencies directly.
Higher interests for dong deposits and cheap real estates have also attracted further remittances. The increase of remittances is also expected to contribute to improving the country’s general balance of payment, a factor to stabilise the macro-economy and enhance investors’ trust.
Vietnam received a total of over $73 billion in remittances between 1993 and 2012, accounting for an average 6.8 per cent GDP. Since 2004, the country has received averagely $3.65 billion each year.
Around 4.5 million Vietnamese, including more than 400,000 guest workers, were living in more than 100 countries and territories worldwide, according to the State Committee for Overseas Vietnamese Affairs. Over 80 per cent of them were settled in developed nations.
The remittances sent home by Vietnamese guest workers from Japan, South Korea, Malaysia, Taiwan and elsewhere in Asia had increased considerably, while those from Europe and the US had decreased, according to Maritime Bank’s forex and foreign remittance department.
Vietnam plans to send 90,000 people to work in foreign countries and territories this year, mainly to South Korea, Malaysia, Russia and Taiwan, according to the Ministry of Labour, Invalids and Social Affairs.
Vietnam is forecast to receive between $4.5 billion and $4.8 billion worth of overseas remittances in 2013, significantly more than the $4.1 billion in 2012. Ho Chi Minh City is the country’s biggest inward remittances receiver, getting around $2.5 billion for the first eight months of 2013. Remittances to Vietnam are often sent by overseas Vietnamese and Vietnamese guest workers. Notably, the workers’ remittances have gradually increased thanks to the availability of more competitive transfer services as well as a condition for which money recipients can withdraw foreign currencies directly. Higher interests for dong deposits and cheap real estates have...
Vietnam is forecast to receive between $4.5 billion and $4.8 billion worth of overseas remittances in 2013, significantly more than the $4.1 billion in 2012.
Ho Chi Minh City is the country’s biggest inward remittances receiver, getting around $2.5 billion for the first eight months of 2013.
Remittances to Vietnam are often sent by overseas Vietnamese and Vietnamese guest workers. Notably, the workers’ remittances have gradually increased thanks to the availability of more competitive transfer services as well as a condition for which money recipients can withdraw foreign currencies directly.
Higher interests for dong deposits and cheap real estates have also attracted further remittances. The increase of remittances is also expected to contribute to improving the country’s general balance of payment, a factor to stabilise the macro-economy and enhance investors’ trust.
Vietnam received a total of over $73 billion in remittances between 1993 and 2012, accounting for an average 6.8 per cent GDP. Since 2004, the country has received averagely $3.65 billion each year.
Around 4.5 million Vietnamese, including more than 400,000 guest workers, were living in more than 100 countries and territories worldwide, according to the State Committee for Overseas Vietnamese Affairs. Over 80 per cent of them were settled in developed nations.
The remittances sent home by Vietnamese guest workers from Japan, South Korea, Malaysia, Taiwan and elsewhere in Asia had increased considerably, while those from Europe and the US had decreased, according to Maritime Bank’s forex and foreign remittance department.
Vietnam plans to send 90,000 people to work in foreign countries and territories this year, mainly to South Korea, Malaysia, Russia and Taiwan, according to the Ministry of Labour, Invalids and Social Affairs.
