Remittances to Vietnam Forecast to Reach US$8 Billion

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Dec. 4 – The State Bank of Vietnam estimates overseas remittances to the country may amount to US$8 billion by the end of the year, a 45.5 percent increase from last year's figures.

One of Western Union’s five agents,Vietnam Bank for Private Enterprises told Thanh Nien News, that revenues from money transfer service have increased by 70 percent this year.

Currently, remittances to Ho Chi Minh City have surpassed US$4.4 billion and on average account for more than half the amount the country's total remittances.

Economist Dinh The Hien told Thanh Nien News that overseas Vietnamese are likely to deposit money in Vietnamese banks because they offer higher interest rates than foreign lenders.

Overseas Vietnamese tend to remit money back home at the year's end.