The branch of the State Bank of Vietnam in HCM City had received 3 billion USD from remittances as of the end of September this year, and the figure put Vietnam in the top ten countries in the world for remittances.
In 2013, Ho Chi Minh City's remittances could reach 4.8 billion USD, an increase of 700 million USD from last year. The majority of remittances came mainly from the US and Europe, but this year has seen an increase from China and the Republic of Korea.
The World Bank has forecast Vietnam would receive around 11 billion USD in remittances this year to stand ninth in the world. Vietnam's overseas remittances reached 10 billion USD last year, rising by 10 percent over the previous year.
Remittances to Vietnam are often sent by overseas Vietnamese and Vietnamese guest workers. Notably, the workers’ remittances have gradually increased thanks to the avaibility of more competitive transfer services as well as a condition for which money recipients can withdraw foreign currencies directly.
Higher interests for VND deposits and cheap real estates have also attracted further remittances. The increase of remittances will 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 USD in remittances between 1993 and 2012, accounting for an average 6.8 percent of GDP. Since 2004, the country has received averagely 3.65 billion USD each year.-VNA
In 2013, Ho Chi Minh City's remittances could reach 4.8 billion USD, an increase of 700 million USD from last year. The majority of remittances came mainly from the US and Europe, but this year has seen an increase from China and the Republic of Korea.
The World Bank has forecast Vietnam would receive around 11 billion USD in remittances this year to stand ninth in the world. Vietnam's overseas remittances reached 10 billion USD last year, rising by 10 percent over the previous year.
Remittances to Vietnam are often sent by overseas Vietnamese and Vietnamese guest workers. Notably, the workers’ remittances have gradually increased thanks to the avaibility of more competitive transfer services as well as a condition for which money recipients can withdraw foreign currencies directly.
Higher interests for VND deposits and cheap real estates have also attracted further remittances. The increase of remittances will 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 USD in remittances between 1993 and 2012, accounting for an average 6.8 percent of GDP. Since 2004, the country has received averagely 3.65 billion USD each year.-VNA
