Vietnam continues to be one of the fastest growing economies in the world, said David Jarkulisch, a diplomat from the Embassy of the Czech Republic in Hanoi.
The amount of money migrant workers in the ASEAN bloc sent home fell in the second quarter of the year amidst the COVID-19 pandemic, in a worrying sign for household incomes and local economies, according to the latest report from the ASEAN+3 Macroeconomic Research Office (AMRO).
Despite negative impacts of the COVID-19 pandemic, remittances Ho Chi Minh City received through commercial banks and economic organisations are forecast to reach 5.5 billion USD this year, a slight increase from 2019.
The Ministry of Planning and Investment has instructed localities to review and report on the development of industrial zones with investment projects in the electronics industry with a scale starting from 20 million USD.
Vietnam is one of a few countries worldwide to successfully control the COVID-19 pandemic, creating opportunities to invest in the country and attracting overseas remittances for production expansion.
HCMC saw overseas remittances rise by 6 percent year-on-year to 4.2 billion USD in the first nine months of this year, despite the economic fallout of the COVID-19 outbreak.
Remittances flows into Ho Chi Minh City reached 4 billion USD in the first nine months of 2020 despite impacts of COVID-19 pandemic, representing a rise of 2 percent over the same period last year, according to a municipal official.
The cash flow remittance of Viettel Global – a member corporation of Viettel Group, to Vietnam in the third quarter of the year reached a record level of 86.5 million USD, up 56 percent from the same period last year.
Cambodia could lose more than 15 percent of its international remittances this year under the worst-case scenario because of the COVID-19 pandemic, according to a report by the Asian Development Bank (ADB).
Until March 2020, Vietnam has attracted 31.665 FDI projects with registered capital of 370,1 billion USD and implemented capital of 215,6 billion USD. Regarding FDI capital in the localities, Ho Chi Minh city 4,5 billion; Hanoi 34,64 billion USD (accounting for 9,4%) and Binh Duong province 34,61 billion USD.
Overseas remittances sent to Ho Chi Minh City reached 2.3 billion USD this year to early June, down 1.9 percent year-on-year, said the municipal branch of the State Bank of Vietnam.
The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has been named 2020 Best Solutions Provider for Small and Medium-sized Enterprises (SMEs) by prestigious magazine The Asian Banker.
Cambodia is to join the ranks of declining overseas worker remittances this year after the World Bank projected global remittances will decline sharply by about 20 percent in 2020 because of the economic crisis induced by the COVID-19 pandemic and consequent business shutdowns.
Remittances poured into Vietnam have increased continuously through years, contributing to raising foreign currency supply and stabilising the exchange rate.
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.
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XIII National Congress of Communist Party of Vietnam
