Overseas Remittances to Vietnam Forecast at US$6.8B in 2009: Finance Ministry

The Ministry of Finance has forecast that Vietnam will receive US$6.8 billion of overseas remittances this year, compared to US$7.2 billion last year.

 

Overseas remittances to Vietnam were US$2.83 billion by the end of June.

 

The remittances to Vietnam were predicted to fall by 15%-20% to US$5.8 billion-US$6 billion this year as a result of the global financial crisis. 

 

Governor Nguyen Van Giau of the State Bank of Vietnam cautioned about widening payment balance deficit and falling foreign direct investment inflows amid the global economic downturn.

 

Vietnam’s forex reserves are down to 12 weeks of imports, compared with 20 weeks by end-2008, Giau said, adding that the government of Vietnam is in negotiations with foreign donors for an additional US$2 billion loans, including US$1 billion from World Bank. (VietnamNet)