Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."




Join Us for Dinar Discussions and More -- We Keep it REAL
 
HomeSearchFAQLog inRegister
YOU MUST Sign in with your USERNAME to POST
Follow us on TWITTER
DINAR INFORMATION LINKS

PARTNER SITES
Key Words
Adam Montana, AdminBill, Benjamin Fulford, Currency Exchange, David Schmidt, Dinar, Dinar Guru, Dinar Recaps, Dinar Rv, Dinar Scam, Dr Clarke, Frank26, Gary Larrabee, Gurus, Guru Hunters, JerzyBabkowski, Kaperoni, Kenny, Monetary Reform, Mnt Goat, My Ladies, Okie, Poppy, RamblerNash, Ray Renfrow, Redenomination, Revaluation, Ssmith, TNTBS, Tnt Tony, WING IT, We Are The People, Willis Clark, WSOMN, Yosef, Zap
Share | 
 

 VIETNAM - Overseas remittances to hit record high

View previous topic View next topic Go down 
AuthorMessage
lexie
Elite Member
Elite Member
avatar

Posts : 1812
Join date : 2011-06-24

PostSubject: VIETNAM - Overseas remittances to hit record high    Thu Nov 03, 2011 5:38 pm

Last update 03/11/2011 08:00:00 PM (GMT+7)

Overseas remittances to hit record high


The central State Bank of Vietnam predicted this year’s overseas remittances would likely reach US$8.5 billion, higher than the record of US$8 billion last year.

Particularly, the remittances to Vietnam totaled some US$2.5 billion in the first quarter, some US$2 billion in the second and US$2.5 billion in the third.

Overseas remittances are considered a “golden account” for international balance of payments. There are currently over 400,000 Vietnamese laborers working abroad and some four million Vietnamese residing in other nations and territories, according to the Vietnam Institute of Social Sciences.

All of them contribute to a big remittance amount sent to Vietnam every year.

Overseas remittances accounted for 4.2% of Vietnam’s gross domestic product (GDP) in 1999, then rising to 7.8% in 2002, and some 7.7% in 2010 when GDP surged to over US$100 billion.

While other sources like ODA, FDI, and FII contribute inconsistently to the balance of payments, overseas remittances have a steady and strong growth. The central bank said this source of foreign currency made up for a half of trade deficit in 2010.

According to the World Bank, Vietnam ranked 16th among the countries receiving the most remittances in 2010 and ranked second in Southeast Asia after the Philippines.

The figure does not include items and cash sent to Vietnam via channels other than banks. This amount of remittances equals to at least 30% of the official overseas remittances, according to the Vietnamese central bank.

In some provinces with big numbers of laborers working abroad, overseas remittances are equivalent to total revenue of the locality, according to the World Bank’s statistics. The bank predicted overseas remittances will continue to rise in the coming years.

Despite the apparel benefits for the national economy from overseas remittances, there could be some negative side-effects from the huge amount.

A banker told the Daily that a big amount of overseas remittances has been sold at the unofficial market where forex rates are higher than at banks. This source of foreign currency put more pressure on the forex rates and market management.


http://english.vietnamnet.vn/en/business/14904/overseas-remittances-to-hit-record-high.html


*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
Back to top Go down
View user profile
 
VIETNAM - Overseas remittances to hit record high
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Dinar Daily :: OTHER INVESTMENTS :: OTHER CURRENCIES - DONG - ZIM - YUAN - etc-
Jump to: