Economists forecast remittances of $10 billion

Economists forecast that foreign remittances to Việt Nam this year are likely to be US$10-11 billion.

According to the State Committee for Overseas Vietnamese, the money remitted by overseas Vietnamese and guest workers in the first half of the year amounted to $6.3 billion, or 70 percent of the total amount last year.

Nguyễn Hoàng Minh, Deputy Director of the State Bank of Việt Nam’s Hồ Chí Minh City Branch, said a large proportion of the remittances in recent years had come in the fourth quarter.

Thus, this year’s figure is likely to increase by 20 to 25 percent from last year’s $9 billion.

According to Phan Huy Khang, General Director of the Sài Gòn Commercial Bank (Sacombank), so far this year nearly $1.3 billion had been remitted through SBR, a Sacombank subsidiary.

Đông Á Bank’s remittance company reported an inflow of $1 billion, with over 60 percent coming from Vietnamese living in the US , Canada , and Australia .

Vietnamese guest workers in Japan , the Republic of Korea , and Taiwan have also sent significant amounts through Đông Á Bank.

Around 4.5 million Vietnamese, including 500,000 guest workers, live in more than 100 countries and territories.

In 2010, with remittances of $8.26 billion, Việt Nam ranked ninth in terms of remittances.

Besides remittances, Vietnamese living abroad have also invested nearly $6 billion in the country, mostly in agriculture, healthcare, manufacturing, property, and tourism, according to the Overseas Vietnamese Committee.

 Source: VNA

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