Last year overseas remittance to HCMC posted a year on year increase of 4.5 percent over 2016. According to Mr. Dung, many overseas Vietnamese returned to visit their fatherland, helped relatives and positively attended social and charitable activities. Overseas Vietnamese experts and intellectuals contributed in improving city human resource quality, offered suggestions to Vietnam’s electronic circuit field to attend Industry 4.0 and assisted the city to develop hi-tech agriculture. However, building database on overseas Vietnamese to study, analyze and give professional advises for long term programs has met with lot of difficulties and shortage of coordination and assistance from authorized agencies. The Committee for Overseas Vietnamese in HCMC proposed the city People’s Committee to supplement policies and regulations to suit the situation of Vietnamese abroad, especially the policy of luring overseas Vietnamese businessmen and intellectuals. This year, the committee will work with relevant sides to organize dialogues between agencies and overseas Vietnamese businesses to solve difficulties for them. In addition, they will host connectivity activities between overseas Vietnamese intellectuals and universities or businesses to create highly applicable and practical science study and research environment. By MANH HOA – Translated by Hai Mien Tags: overseas remittance production and trading Phung Cong Dung overseas Vietnamese
The State Bank of Vietnam said that the huge amount of overseas remittances flowing to the country fell to the Lunar New Year Eve.This year, volume of overseas remittances to Ho Chi Minh City is expected to reach around US$ 5.2 billion, an increase of 4.5 percent compared to last year. As the domestic macro-economy has been stable during the previous time and the pressure of increasing exchange rate has not existed, the citizens have gradually exchanged into Vietnam Dong to get profit; specially the interest rate in US dollar is currently 0 percent, added the State Bank of Vietnam in…... [read more]
Illustration photo He expected that the city will receive around US$1.3 billion in the rest two months of 2017, raising the total overseas remittances to US$5.2 billion, up 6% against the previous year.The overseas remittances to Ho Chi Minh City were mainly transferred from the U.S., Australia and Canada and other key labor exports such as China, Japan, the Republic of Korea and ASEAN. Up to 72% of the overseas remittances were poured in production and manufacturing while 22% and 6% were invested in real estate and consumption, respectively. The overseas remittances may compensate for trade deficit and contribute to the nation’s…... [read more]
Originally a main form of aid for family, these cash flows have increasingly found their way into businesses, reflecting economic shifts. Remittances from overseas Vietnamese have always been a key source of funds for Vietnam, equivalent to about 8 to 10 percent of gross domestic product. According to the Central Institute for Economic Management, Vietnam received a total of around $120 billion in overseas remittances during the 16-year period of 1999-2015. But new data suggest that overseas remittances are playing a much more different and potentially more important role now: they help foster local businesses and the manufacturing sector. Between…... [read more]
VietNamNet Bridge – Recipients of overseas remittance are buying land and houses instead of depositing money in banks or keeping the cash, as they believe that real estate prices will climb due to new government policies. Nguyen Thi Ngoc of Nam Dinh City, for example, plans to buy a land plot with money her husband, a worker in Japan, has sent to her. "The land price in Nam Dinh is really reasonable," Ngoc said. "Previously, you could not think of buying land if you did not have VND500 million in your pocket at least. But now you can buy a…... [read more]
VietNamNet Bridge - The estimated overseas remittance to Vietnam in 2016 is expected to be roughly $5 billion, or 10 percent lower than the forecast of $5.5 billion. Deputy director of the State Bank of Vietnam’s HCM City Branch Nguyen Hoang Minh said the overseas remittance to the city had reached $4.3 billion by the end of November. The remittance mostly comes in the last quarter of year, which accounts for 40 percent of total yearly remittance. It is expected that Vietnam will receive $9 billion in overseas remittances by the end of the year, lower than the predicted level…... [read more]
