Vietnam Expects US$8 Bln Overseas Remittances This Year - Report

Vietnam is expected receive US$8 billion of overseas remittances this year, up 42.8 per cent on year.

 

Unlike before when overseas Vietnamese, or Viet Kieu, particularly from the U.S., Australia and Europe remitted their moneys as allowances back to their relatives at home, now workers, particularly who from Asean and Middle East countries mainly contribute to the robust growth, Nguyen Thu Ha, vice CEO of the Bank for Foreign Trade of Vietnam said.

 

Besides, Viet Kieu now tend to send greenback to homeland for different businesses such as investing into realty, securities or contributing cash to running a business at home, Ha added.

 

A senior official of a commercial joint stock bank predicted that Vietnam will likely a strong increase in overseas remittances in the coming months, the paper said.

 

The Dong A Overseas Remittance Co said that in the first six months this year, Vietnamese workers sent back homeland US$631 million via it, and US$420 million through Sacombank , and US$730 million via Vietinbank.

 

Vietnam has 3.5 million Viet Kieu who settle in 90 countries and territories, the latest statistics by the Foreign Affairs Ministry’s Overseas Vietnamese Committee showed. (Youth )