The branch of the State Bank of Vietnam in HCM City had received 3billion USD from remittances as of the end of September this year, andthe figure put Vietnam in the top ten countries in the world forremittances.
In 2013, Ho Chi Minh City'sremittances could reach 4.8 billion USD, an increase of 700 million USDfrom last year. The majority of remittances came mainly from the US andEurope, but this year has seen an increase from China and the Republicof Korea.
The World Bank has forecast Vietnam wouldreceive around 11 billion USD in remittances this year to stand ninth inthe world. Vietnam's overseas remittances reached 10 billion USD lastyear, rising by 10 percent over the previous year.
Remittances to Vietnam are often sent by overseas Vietnamese andVietnamese guest workers. Notably, the workers’ remittances havegradually increased thanks to the avaibility of more competitivetransfer services as well as a condition for which money recipients canwithdraw foreign currencies directly.
Higherinterests for VND deposits and cheap real estates have also attractedfurther remittances. The increase of remittances will contribute toimproving the country’s general balance of payment, a factor tostabilise the macro-economy and enhance investors’ trust.
Vietnam received a total of over 73 billion USD in remittances between1993 and 2012, accounting for an average 6.8 percent of GDP. Since2004, the country has received averagely 3.65 billion USD each year.-VNA
In 2013, Ho Chi Minh City'sremittances could reach 4.8 billion USD, an increase of 700 million USDfrom last year. The majority of remittances came mainly from the US andEurope, but this year has seen an increase from China and the Republicof Korea.
The World Bank has forecast Vietnam wouldreceive around 11 billion USD in remittances this year to stand ninth inthe world. Vietnam's overseas remittances reached 10 billion USD lastyear, rising by 10 percent over the previous year.
Remittances to Vietnam are often sent by overseas Vietnamese andVietnamese guest workers. Notably, the workers’ remittances havegradually increased thanks to the avaibility of more competitivetransfer services as well as a condition for which money recipients canwithdraw foreign currencies directly.
Higherinterests for VND deposits and cheap real estates have also attractedfurther remittances. The increase of remittances will contribute toimproving the country’s general balance of payment, a factor tostabilise the macro-economy and enhance investors’ trust.
Vietnam received a total of over 73 billion USD in remittances between1993 and 2012, accounting for an average 6.8 percent of GDP. Since2004, the country has received averagely 3.65 billion USD each year.-VNA
