Vietnam ranks 7th in overseas remittances globally
(VOV) - Vietnam attracted more than US$10 billion in remittances from overseas last year, ranking 7th globally, announced Foreign Minister Pham Binh Minh.
Minh noted overseas remittances have constituted 60–70 percent of Vietnam’s foreign investment resources since 1991, greatly contributing to the national economy, assisting with foreign exchange rate stabilisation, and increasing foreign currency reserves.
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“These contributions are valued highly and we encourage Vietnamese expatriates to remit money back home for mutual benefits,” he said at an online dialogue with the citizens on February 17.
The State Committee for Overseas Vietnamese Affairs (COVA) reported 2012’s overseas remittances represented a year-on-year increase of 10 percent, mainly thanks to banking transactional and procedural reform.
A large proportion of the total originated from the more than 4 million Vietnamese nationals abroad, including 400,000 guest workers in Japan, the Republic of Korea, Malaysia, Taiwan (China), and the Middle East.
State Bank of Vietnam (SBV) HCM City Branch Director Nguyen Hoang Minh said about 30 percent of overseas remittances were deposited in or sent through banks last year, compared to the estimated 14 percent in 2011.
The director credited exchange rate stability and competitive pricing with helping to increase the volume of overseas remittances sold to banks.