Vietnam - Overseas remittance in HCM City to reach US$5 billion

by lexie Mon Dec 12, 2011 4:23 pm

December 12, 2011

Overseas remittance in HCM City to reach US$5 billion

The amount of Overseas National Currency Exchange (ONCE) in Ho Chi Minh City is expected to reach US$5 billion this year, up by 10 percent over the same period last year.

The entire sum of money is coming in from Vietnamese people working in many countries and territories across the globe, mainly from the US, Australia and Canada.

Over the past five years, not only overseas Vietnamese nationals in the US, Australia and the EU countries, but also guest-workers, experts and students in foreign countries have contributed significantly in increasing the amount in ONCE.

HCMC Department of Labor, Invalids and Social Affairs said that laborers from HCMC working in Korea, Malaysia and Taiwan (China) have stable incomes; hence the amount sent by laborers to Vietnam is increasing.

For the last 17 years, around $35 billion has been sent into Vietnam, accounting for 70 percent of FDI during the period 1998-2007 and 1.5 times higher than the ODA disbursement since 1993.

World Bank forecasts the amount of ONCE in the entire country to reach $9 billion in 2011.

http://www.vietfinancenews.com/2011/12/overseas-remittance-in-hcm-city-to.html#more