(VOV) -Overseas Vietnamese (OV) remittances back to the homeland are expected to remain strong throughout 2014,thanks to the solid economic recovery underway in many countries like the US, Canada and Australia.
- Vietnam in global top 10 for foreign remittances
- Overseas employment growth to boost remittances
- Vietnam in top 10 overseas remittance recipients
Official statistics reflect that remittances in the five months leading up to June of this year are continuing on an upward tick consistent with the trend experienced in 2013.
Nguyen Mien Tuan, Deputy Chairman of Sacombank’s executive board, said international remittances transmitted to Vietnam via his bank hit nearly US$1 billion in the first five months;a10%jump compared to the same period last year.
Sacombank is projecting it will process a record cumulative total remittances exceeding US$1.9 billion by the end of 2014.
Remittances channeled through East Asia bank last year rose 10% to US$1.53 billion, and the bank expects the remittance inflows will increase 20-25% this year.
Deputy Director Nguyen Hoang Minh of the HCM City branch of the State Bank of Vietnam (SBV) in turn said that for the first five months of 2014, remittances to the branch were estimated at US$1.6 billion, up 3% from a year earlier.
The figure is likely to reach US$2 billion in the first half of this year and US$5 billion by year’s end, he said, outpacing the US$4.85 billion collected in 2013.
Minh said the remittances are principally sourced from the US and Europe and the lion’s share of them are being pumped into real estate, production, and business operations in the country.
He forecast a monthly growth of 20-25% in several months leading to the lunar New Year holiday.
Đăng ký: VietNam News