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 Vietnam - Inbound Remittance to Vietnam Estimated at $9 Billion in 2011

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lexie
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PostSubject: Vietnam - Inbound Remittance to Vietnam Estimated at $9 Billion in 2011   Tue Dec 06, 2011 3:15 pm

December 6, 2011

Inbound Remittance to Vietnam Estimated at $9 Billion in 2011

Vietnam is estimated to see $9 billion inbound remittance this year, being one of the countries receiving highest remittance, said the World Bank in a recent report.
WB estimated that remittance flew to developing countries rise to $351 billion out of total global remittance of $406 billion this year.


Vietnam’s inbound remittance reached $2.5 billion each in Q1 and Q3/2011 while it eased in Q2 with $2 billion.


Tran Van Trung, CEO of DongA remittance company said inbound remittance through his company reached $1.3 billion in the first 10 months of this year, higher than the company’s whole year target. It is likely that the company will receive $1.6 billion remittance this year, up 20%.


Eximbank said remittance through the bank was $0.6 billion, up 64% on year.


Vietnam has about 4 million citizens working and studying overseas, remittance flows to Vietnam are mostly from the US, Canada, Australia, EU, Malaysia, Taiwan, Korea and Japan.


Nguyen Thi Nhu Ly, Indochina regional director of Western Union said remittance to Vietnam is rather stable as it is sent to support family’s financial and to relatives. Remittance origin through Western Union has been expanding from many countries, from 16 ones in 1994 to 200 countries and territories now. This means that there are more and more people sent remittance through official channel.


Sudhesh Giriyan, deputy chairman of global Xpress Money said “Vietnam ranks 16 in top remittance receiving countries in the world, and the market will continue to develop in the coming time”/


Banks expect remittance receivers will be more willing to sell dollars to them with new exchange regulations to tightening the market including a fine from VND300-500 million on illegal forex trading and seize all illegal dollars caught.




http://www.vietfinancenews.com/2011/12/inbound-remittance-to-vietnam-estimated.html#more




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