Remittances to Vietnam estimated at US$16.7 billion this year
Remittances to Vietnam estimated at US$16.7 billion this year
Incoming remittances to Vietnam are estimated to amount to US$16.7 billion this year, making the country one of the top 10 recipients of remittances for the third consecutive year, according to the World Bank.
Some 3,000 overseas Vietnamese-invested firms are active in 52 of the country's 63 provinces and cities, with total registered capital of US$4 billion, VietnamPlus news site reported.
HCMC reportedly received the most remittances in the country this year, at an estimated US$5.6 billion.
Speaking at a press briefing in Hanoi City on December 26, Luong Thanh Nghi, deputy head of the State Committee for Overseas Vietnamese Affairs, said that over the past few years, overseas Vietnamese entrepreneurs and workers have significantly contributed to the country’s growth in science, technology and economy.
Remittances came mainly from the United States, Canada, Australia, Russia, France, the Netherlands, Japan, Poland and Switzerland. Overseas Vietnamese firms have focused their investments on projects in the processing and manufacturing, commercial, service, construction, real estate, technology and seafood fields.
As such, remittances have been considered a major source to boost production and trading operations in the country.
Nghi said that this year, the overseas Vietnamese business community has grown strongly, gradually solidifying their position at their places and fostering their operations and investments in Vietnam.
A number of programs held by overseas Vietnamese firms, including the first Overseas Vietnamese Economic Forum in South Korea in July, the eleventh Vietnamese Business Forum in Europe in September and the Thailand-Vietnam International Trading Expand Conference in Udon Thani, Thailand in September, have played a part in bringing Vietnam-branded products to global markets.
In 2019, the committee has consulted with relevant agencies and proposed some solutions to perfect a legal system and a series of policies for overseas Vietnamese to create favorable conditions for their return to study and work, and attract investments from overseas Vietnamese firms, Nghi said.
