After being relatively stable last year, the foreign exchange rate of the Vietnamese dong against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds.
Prime Minister Nguyen Xuan Phuc has lauded achievement in the government mass mobilisation work in 2019, which has contributed to safeguarding legal rights and interests, building trust and high consensus among the public and spurring socio-economic development.
Remittance flows into Vietnam are expected to reach 16.7 billion USD in 2019, Vice Chairman of the State Committee for Overseas Vietnamese Affairs (SCOVA) Luong Thanh Nghi cited statistics of the World Bank at a meeting with the press in Hanoi on December 26.
Vietnam's real estate market will not be short of capital next year but will still face many challenges from policies and administrative procedures, experts said at the annual Vietnam Real Estate Forum.
Remittances to Vietnam are likely to further increase in 2019 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said.
According to the latest data from the World Bank, Vietnam is ninth largest overseas remittance receiver in the world, and third in Asia. The country has held the ranking for five consecutive years.
Remittances to Ho Chi Minh City are expected to reach some 5.3 billion USD in 2019, a year-on-year surge of 9 percent, despite unfavourable global financial and monetary market, according to Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh.
Vietnam is expected to remain one of the top ten remittance receivers in 2019, according to the latest edition of the World Bank’s Migration and Development Brief released recently.
Remittance flows into Ho Chi Minh City in the first nine months of the year were estimated at around 3.8 billion USD, a year-on-year increase of 7 percent.
Taiwan (China) and Japan are expected to remain the top destinations for Vietnamese workers this year with 90 percent of all overseas employees working there.
Ho Chi Minh City received about 3.45 billion USD in remittances sent back home by overseas Vietnamese in the first eight months of 2019, a year-on-year increase of 8 percent, according to the State Bank of Vietnam (SBV)’s HCM City Branch.
MoneyGram, a global provider money transfer and payment services, and HDBank on August 28 signed an agreement to provide home remittance delivery services in Vietnam.
Remittances to Ho Chi Minh City were estimated to reach 1.2 billion USD in the first quarter of this year, said Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam’s branch in the southern largest economic hub.
Experts have predicted that the State Bank of Vietnam (SBV) will hike the VND/USD exchange rate by 1.5-2 percent in 2019 to stabilise the macro-economy and facilitate exports.
Personal remittances from overseas Philippine people reached 3.2 billion USD in December 2018, up 3.6 percent year-on-year, the Philippine central bank said on February 15.
Pawnshop chain Cebuana Lhuillier of the Philippines announced on January 19 that personal information of around 900,000 clients were affected in a data breach involving their email server used for marketing purposes.
In 2018, the banking sector witnessed many achievements such as increasing foreign exchange reserves, remittances, and profit, but also faced challenges in interest and foreign exchange rates.
Vietnam is set to be one of the top remittance receivers in the world in 2018 with an estimated sum of 15.9 billion USD, deputy head of the State Committee for Overseas Vietnamese Affairs Luong Thanh Nghi said at a press conference in Hanoi on December 20.
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