Vietnam inward remittances headed for new high
Vietnam inward remittances headed for new high
by lexie Wed Nov 02, 2011 9:51 am
November 2, 2011
Vietnam inward remittances headed for new high
Inward remittances this year may be worth a record US$8.5 billion, the State Bank of Vietnam has said.
Last year remittances, made mostly in dollars, by overseas Vietnamese and guest workers were worth more than $8 billion.
The central bank said the amount had topped $2.5 billion in the first quarter of this year, $2 billion in the second, and $2.5 billion again in the third.
As a ratio of GDP, remittances were worth just 4.2 percent in 1999. By last year it had surged to 7.7 percent.
The central bank said while other components making up the balance of payments -- like ODA, FDI, and FII -- had declined remittances continued to rise.
The World Bank said last year Vietnam was the 16th largest recipient of remittances in the world.
In Southeast Asian region, it was only behind the Philippines, which received $21.3 billion.
In July the former governor of the State Bank of Vietnam, Nguyen Van Giau, had said Vietnam had 55,000 guest workers abroad earning $1.8 billion to $2 billion a year and three million ethnic Vietnamese living in other countries.
They would remit at least $6.5 billion in the year’s second half, he had said.
An executive of a bank that handles around 20 percent of the total inward remittances said part of the money was remitted to benefit from higher deposit rates, newswire Saigon Times Online reported.
“The interest rate on dollars in other countries is only 0.5 percent while in Vietnam it is 2 percent.”
But he expressed concern that in the last few years a large amount was not deposited or sold to banks but sold in the black market due to the higher exchange rates.
“This puts pressure on the exchange rate and prevents control over the black market,” he warned.
http://www.vietfinancenews.com/2011/11/vietnam-inward-remittances-headed-for.html#more
Vietnam inward remittances headed for new high
Inward remittances this year may be worth a record US$8.5 billion, the State Bank of Vietnam has said.
Last year remittances, made mostly in dollars, by overseas Vietnamese and guest workers were worth more than $8 billion.
The central bank said the amount had topped $2.5 billion in the first quarter of this year, $2 billion in the second, and $2.5 billion again in the third.
As a ratio of GDP, remittances were worth just 4.2 percent in 1999. By last year it had surged to 7.7 percent.
The central bank said while other components making up the balance of payments -- like ODA, FDI, and FII -- had declined remittances continued to rise.
The World Bank said last year Vietnam was the 16th largest recipient of remittances in the world.
In Southeast Asian region, it was only behind the Philippines, which received $21.3 billion.
In July the former governor of the State Bank of Vietnam, Nguyen Van Giau, had said Vietnam had 55,000 guest workers abroad earning $1.8 billion to $2 billion a year and three million ethnic Vietnamese living in other countries.
They would remit at least $6.5 billion in the year’s second half, he had said.
An executive of a bank that handles around 20 percent of the total inward remittances said part of the money was remitted to benefit from higher deposit rates, newswire Saigon Times Online reported.
“The interest rate on dollars in other countries is only 0.5 percent while in Vietnam it is 2 percent.”
But he expressed concern that in the last few years a large amount was not deposited or sold to banks but sold in the black market due to the higher exchange rates.
“This puts pressure on the exchange rate and prevents control over the black market,” he warned.
http://www.vietfinancenews.com/2011/11/vietnam-inward-remittances-headed-for.html#more
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