overseas remittance

Update news overseas remittance

Local banks are tapping into significant huge overseas cash as Vietnam continues to maintain its growth momentum among the world’s largest remittance beneficiaries.

Remittances set record of US$18.1 billion

According to the World Bank and Global Knowledge Partnership on Migration and Development (KNOMAD), total remittances to Vietnam in 2021 may hit up to $18.1 billion, with about $6.5 - 6.6 billion for HCM City.

 

Remittances fuel social security

Although the Covid-19 epidemic has negatively affected the global economy, the amount of remittances remitted to Vietnam in 2021 is still high. 

Remittances to Vietnam to grow despite pandemic

The World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that remittances to Vietnam are estimated at US$18.1 billion in 2021.

 

HCM City receives 1.45 billion USD of remittances in Q1

Ho Chi Minh City received 1.45 billion USD of overseas remittances in the first three months of this year, up 10 percent over the same period last year, reported the city Committee for Overseas Vietnamese Affairs.

Vietnam potentially among top 10 remittance recipients

Vietnam is expected to receive US$16.7 billion in overseas remittances this year, placing it among the 10 countries receiving the most remittances in the world, according to the Nguoi Lao Dong website.

Overseas remittances to HCM City invested in real estate or deposited in banks

It is expected that kieu hoi (overseas remittance) will continue to flow into Vietnam, especially HCM City, which receives 50 percent of total remittances.

HCM City receives $3.8 billion in remittances

Remittance flows into Ho Chi Minh City in the first nine months of the year were estimated at around $3.8 billion, a year-on-year increase of 7 percent.

70% of overseas remittances invested in business projects

VietNamNet Bridge - Overseas Vietnamese remitted $18.9 billion to relatives in Vietnam in 2018,  making up 6.6 percent of the country’s GDP.

Overseas remittances revive, $10 billion to Vietnam in 2017

VietNamNet Bridge - Contrary to all predictions, overseas remittances to Vietnam in 2017 increased by 10.4 percent, estimated at over $10 billion.

Vietnamese business buys bank in the US

VietNamNet Bridge - The Tin Thanh Group has bought Oakwood State Bank in the US and has changed its name to Tin Thanh Oakwood Bank Corp. 

Drop in overseas remittances cause concerns for Vietnam

VietNamNet Bridge - The decline in remittances in 2016 and the slowdown in the first half of this year has caused concern among economists.

Overseas Vietnamese want Viet Kieu-invested bank in Vietnam

VietNamNet Bridge - Analysts believe that the current conditions for the establishment and operation of a Viet Kieu-invested bank in Vietnam are more favorable than 25 years ago.

More banks set up remittance companies

VietNamNet Bridge - Three more commercial banks, namely OCB, Vietcombank and Bac A Bank, have announced they will set up subsidiaries specializing in providing kieu hoi (overseas remittance) services. 

Vietnamese banks compete with foreign banks for overseas remittance service

VietNamNet Bridge - Vietnam is one of the biggest kieu hoi (overseas remittance) recipients in the world. But most profits from overseas remittance services go to foreign institutions’ pockets. 

BUSINESS IN BRIEF 30/12

 Danang suggests bond issuance; Number of SOEs halved after 13 years; Overseas remittance to HCMC estimated at US$4.8 billion in 2013; FDI sector witnesses large trade surplus; Public debt may account for over 98% of GDP

70 percent of overseas remittance put into business

 VietNamNet Bridge – Vietnam has been one of the 10 biggest overseas remittance receivers in the world, despite the economic difficulties in recent years.

Vietnam ranks ninth in the world for overseas remittances

VietNamNet Bridge - With $10 billion of overseas remittances in 2012, Vietnam is listed in the top 10 countries that attracted the highest overseas remittances in the world, according to the World Bank.

BUSINESS IN BRIEF 9/2

Samsung’s second plant to take shape in Vietnam; Clothing exports surge by 28 percent; Vietnamese seafood gains firm foothold in US; No price hike during Tet; VND16.9 trillion invested in power transmission

BUSINESS IN BRIEF 6/2

Businesses in frenzy to complete orders for Tet; Overseas remittances pour into real estatel; State-owned firms under public scrutiny; Shrimp export up five-fold in Bac Lieu