Vietnam Gets US$8B Remittances in 2008, up 19 per cent on Year

Vietnam reportedly received US$8 billion of remittances in 2008, up 19.4 per cent on year, the National Committee for Overseas Vietnamese said.

 

Vietnam's remittances are forecast to shrink amid the global downturn and greenbacks remitted by Viet Kieu and workers abroad dropped considerably in the first quarter, local banks said.

 

In the first quarter, Sacombank received US$180 million, down 22 per cent on year, Tran Xuan Huy, general director of Sacombank said, expecting rising remittances in the remaining quarters this year as the global crisis is to abate.

 

An executive officer of a commercial joint stock bank is optimistic about outlook of the remittances as Vietnam's market is till an attractive destination for greenbacks as economic outlooks are expected to turn out brighter with real estate and stock markets being warmed up.

 

Tran Xuan Huy also noted Vietnam lowered forex trading band to plus and minus 5 per cent to attract remittances.

 

Currently, more than 3.5 million overseas Vietnamese citizens are settling in more than 90 countries, according to the Ministry of Foreign Affairs. (Investment)