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.
Implementation of the Global Compact for Migration (GCM), which to covers all dimensions of the international migration in a holistic and comprehensive manner, helps Vietnam better manage migration, create a transparent and safe migration environment, said Deputy Foreign Minister To Anh Dung on October 11.
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.
Improved international regulations and standards are needed to protect the rights and welfare of migrants, including thousands of Vietnamese guest workers, speakers said at an international conference on migration and labour held in HCM City on August 3.
The Asian Development Bank (ADB) has recently reduced its economic forecast for the Philippines to 6.2 percent this year from the previous 6.4 percent.
The State Bank of Vietnam (SBV) will grant more autonomy in terms of capital mobilisation and lending to commercial banks, SBV Deputy Governor Dao Minh Tu said on May 16.
The People’s Committee of Ho Chi Minh City and the committee for overseas Vietnamese on April 6 held a meeting in the city between municipal leading officials and overseas Vietnamese businessmen and intellectuals to discuss how to build the country’s southern hub into a regional innovative urban and financial centre.
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.
The Philippines’s economy is poised to grow at 6.4 percent in 2019 and 6.5 percent in 2020-2021 amid lingering global and local uncertainties, according to a report released by the World Bank (WB) on April 1.
The Ministry of Industry and Trade (MoIT) has reported some positive signs in the handling of 12 major State-owned projects that have long reported losses, as some have managed to resume operations after suspensions or even record profits.
Since the beginning of the year, the State Bank of Vietnam has been increasing the reference rate of the dong against the US dollar, and the Vietnamese currency has appreciated 0.43 percent as a result.
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.
Authorities of the central city of Da Nang held a Tet meeting with over 180 Overseas Vietnamese coming home for the Lunar New Year (Tet) festial on the night of January 28.
About 1,000 overseas Vietnamese (OV) gathered at the annual “Homeland Spring” programme in Hanoi on January 26 to celebrate the upcoming Lunar New Year.
In 2018, the VND only devalued about 2.2-2.3 percent compared to the USD and lower than the depreciation of EUR, pound and yuan at 4.5 percent, 5.7 percent and 5.4 percent, respectively.
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.
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