return icon Vietnamnet.vn

Remittances to Vietnam to further rise in 2019

Remittances to Vietnam are likely to further increase in 2019 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said.

Remittances to Vietnam are likely to further increase in 2019. (Photo: VNA)

Hanoi (VNA) – Remittances to Vietnam are likely to further increase in 2019 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said.

He attributed the increasing trust to the government’s various policies to improve the local business climate by simplifying investment procedures and increasing market confidence.

Remittances have been forecast to reach 17 billion USD this year by some organisations, he said.

The World Bank forecast that about 16.7 billion USD in remittances will flow into Vietnam this year, up 4.6 percent from a year earlier. The BIDV’s Training and Research Institute also made a similar prediction, which will put the Southeast Asian country among the world’s top ten remittance receivers for a third year in a row.

The value rose from 13.8 billion USD in 2017 to 15.9 billion USD in 2018.

This growth is due to the increasing number of Vietnamese people living abroad, particularly guest workers, said Phung Cong Dung, chairman of the Committee for Overseas Vietnamese Affairs in Ho Chi Minh City.

According to the World Bank, Vietnam is among the nine main sources of foreign workers in Japan. Last year, about 68,700 out of the 142,800 Vietnamese guest workers went to Japan, followed by Taiwan (China) at 60,400 people, and the Republic of Korea at 6,500 people.

The monthly incomes of Vietnamese workers in Japan and the RoK averaged 1,000 – 1,200 USD in 2018, while those in Taiwan earned 700 – 800 USD per month, according to the International Labour Organisation (ILO).

The State Bank of Vietnam in HCM City predicted that remittances to the southern hub will likely reach 1 billion USD in December to bring the full year’s figure to 5.3 billion USD, up 9 percent year on year.

To attract more remittances, the government should develop trade and investment incentives exclusively for Vietnamese living abroad and increase promotions for investment opportunities in Vietnam via consular offices and overseas Vietnamese committees, Hieu said.

The central bank should also maintain a stable exchange rate, contributing to macro-economic stability, he added./.VNA

Vietnam potentially among top 10 remittance recipients

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.

Remittances to HCM City expected to pick up 9 percent

Remittances to HCM City expected to pick up 9 percent

Remittances to HCMC are expected to reach some $5.3 billion in 2019, a year-on-year surge of 9 percent, according to Deputy Director of the State Bank of Vietnam’s HCMC branch Nguyen Hoang Minh.

MORE NEWS

Promoting PPP cooperation to develop green agriculture in Vietnam

Promoting public-private partnerships will help improve sustainability in the agricultural sector, according to experts speaking at an event in Hanoi on Monday.

Undervalued banks winning bet for investors

The recent declines of the securities market have moved bank stocks to an 'attractive zone'. Banks were trading at a P/E multiple of 7.1 and P/B of 1.3 in late November, equivalent to the lows in March 2020.

Park Hang-seo receives Order of Diplomatic Service Merit

Head coach of the Vietnamese national team Park Hang-seo has been awarded the Order of Diplomatic Service Merit, Heungin Medal, by the Republic of Korea’s President Yoon Suk-yeol for his contribution to promoting friendly ties with Vietnam.

Da Nang to host Vietnam International Travel Mart

Around 350 booths, including 50 of foreign companies, are promising to bring a lot of new and interesting experience to visitors to the Vietnam International Travel Mart (VITM) to be held in the central city of Da Nang from December 9-11.

PM to attend ASEAN-EU commemorative summit, visit three European countries

Prime Minister Pham Minh Chinh will attend a summit commemorating the 45th anniversary of the ASEAN-EU relations in Brussels on December 14 and pay official visits to Luxembourg, the Netherlands, and Belgium from December 9 to 15.

HCM City Party Secretary: robbery must not exist on streets

HCM City Party Secretary Nguyen Van Nen said the city has a bad reputation for robbery and he has asked relevant bodies to deal with this.

Positive prospects for Vietnam’s stock market in 2023

The stock market saw a trading session with the strongest growth rate in Asia on December 2 as the Vietnam-Index surged by 4.22 percent.

A look at VN fashion through “Taste of Heritage”

After three years of suspension due to the Covid-19 pandemic, the Vietnam International Fashion Week Fall/Winter 2022 returned to Hanoi in late November with eye-catching collections in the spirit of 'Taste of heritage'.

Vietnamese interested in metaverse and fintech

According to a recent report by Meta and Bain & Company, Vietnam is among the top 3 countries besides Indonesia and the Philippines to adopt new technologies such as fintech and metaverse.

The opportunity for a chip-making industry in Vietnam

Chip production will fuel Vietnam's aspiration to become a prominent manufacturing hub in the region.

R&B legend Babyface, 2022 Masked Singer Vietnam’s winner to be on stage together

The much-awaited item of the 2022 “Ho Do" International Music Festival in HCMC will be a duet performance of R&B superstar Babyface and singer Ngoc Mai who won the Masked Singer Vietnam 2022, said Director of the festival, musician Huy Tuan.

HCM City to launch overnight cruises along Saigon River

Ho Chi Minh City’s tourism authority plans to launch overnight cruises with ships accommodating hundreds of people along the Saigon River starting next year.

Value of Vietnamese national football team hits record high

The total market value of the Vietnamese national football team has skyrocketed to EUR7.6 million, equal to US$8.01 million, marking a record high, according to the renowned German football site Transfermarkt.

Ministry announces 218 firms as prestigious exporters of Vietnam

As many as 218 companies have won the “Prestigious Export Business” title for 2021, according to the list unveiled by the Ministry of Industry and Trade (MoIT) on December 5.

Vietnam, RoK agree to upgrade ties to comprehensive strategic partnership

Vietnam and the Republic of Korea (RoK) have agreed to upgrade their ties to a comprehensive strategic partnership, President Nguyen Xuan Phuc told the press following his talks with RoK President Yoon Suk-yeol in Seoul on December 5.
back_to_top