Remittances set for big surge ahead of Tet
Remittances set for big surge ahead of Tet
The volume of remittances from overseas Vietnamese to the country in the months before the Tet (Lunar New Year) is expected to be 35 per cent higher than the figure recorded in the other months of 2013, according to the Dong A Remittance Co.
As the economies of developed countries have recovered from crisis, revenues of overseas Vietnamese in Australia, Canada, France and the US have increased, and their remittances are rising.
According to the Ministry of Labour, Invalids and Social Affairs, some 83,000 Vietnamese were sent to other countries as guest workers in 2013, contributing significantly to overseas Vietnamese's remittances this year.
The Bank of Investment and Development of Viet Nam estimated a total remittance of US$11 billion to the country this year, and the figure is expected to increase by 10 per cent next year.
Remittances through Sacombank Remittance Company's service was estimated at $1.7 billion, said Pham Huu Phu, chairman of the Board of Sacombank.
Nguyen Hoang Minh, deputy chief of the State Bank of Viet Nam, HCM City branch, said overseas Vietnamese remittances channeled into HCM City in 2013 is estimated at $4.8 billion to $5 billion, compared with the $4.1 billion in 2012.
"These figures are ‘realistic' as remittances to Viet Nam through HCM City - based banks in the first 10 months of the year amounted to $3.8 billion," said Minh.
He added that most of the remittances were received in the last months of the year.
Pham Thanh Ha, deputy head of Vietcombank, said remittances transferred into Vietnamese dong rose to 25 per cent (of total remittances) in 2013 from 20 per cent in 2012 and 10 per cent the previous year as the Vietnamese currency has become stronger.
The deputy director of Dong A Remittances Co, Trinh Hoai Nam, said due to the stability of the exchange rate (of Vietnamese dong) this year, clients tended to exchange the foreign currencies of their remittance into Vietnamese dong right after receiving it at banks.
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