Inbound remittances to hit new record

Inbound remittances to hit new record

Vietnam is forecast to receive between $4.5-4.8 billion worth of overseas remittances this year - the figure that will remarkably surpass the $4.1 billion level of 2012.

Ho Chi Minh City is the country’s biggest inward remittances receiver, getting around $2.5 billion for the first eight months of this year.

Remittances to Viet Nam are often sent by overseas Vietnamese and Vietnamese guest workers. Notably, the workers’ remittances have gradually increased thanks to the avaibility of more competitive transfer services as well as a condition for which money recipients can withdraw foreign currencies directly.

Higher interests for VND deposits and cheap real estates have also attracted further remittances.

The increase of remittances will contribute to improving the country’s general balance of payment, a factor to stabilize the macro-economy and enhance investors’ trust.

Viet Nam received a total of over $73 billion in remittances between 1993 and 2012, accounting for an average 6.8% GDP. Since 2004, the country has received averagely $3.65 billion each year.

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