Overseas Vietnamese have remitted nearly 2.8 billion USD through Ho ChiMinh City-based banks in the first eight months of this year, 6.2percent higher than in the same period last year, according to thedeputy head of the State Bank of Vietnam's city branch.
In August alone the amount was worth 333 million USD, nearly double the July figure.
Thefull-year figure is expected to be 4.8-5 billion USD compared with 4.7billion USD last year, the deputy head of the State Bank of Vietnam, HCMCity branch, Nguyen Hoang Minh, said.
The proportion of the remittances invested in housing is slightly higher this year at 21.5 percent.
Most of the remittances were channelled into business, which accounted for 71-72 percent of the total amount.
The amount used to support families in Vietnam has shrunk slightly this year.
TheVietnam Economic Times newspaper quoted an analyst as saying that theGovernment's recent policies have created favourable conditions forOverseas Vietnamese to remit money home.
The exchange-ratesadjustment in June and the difference in interest rates between the dongand the US dollar have also helped attract more flows.
Minh said the Government has liberalised policies related to inward remittances.
Recipients do not have to pay income tax and can keep the remittances in foreign currencies and deposit them in banks.
The stability of the dong has also been a factor, Minh said.
Besides banks, many newly opened companies are also providing remittance services.
Thedeputy general director of a joint stock bank based in Hanoi, whodeclined to be named, said banks have focused on diversifying remittanceservices, expanding distribution channels, and reducing the time tomake payments, and have launched attractive promotion campaigns.-VNA
In August alone the amount was worth 333 million USD, nearly double the July figure.
Thefull-year figure is expected to be 4.8-5 billion USD compared with 4.7billion USD last year, the deputy head of the State Bank of Vietnam, HCMCity branch, Nguyen Hoang Minh, said.
The proportion of the remittances invested in housing is slightly higher this year at 21.5 percent.
Most of the remittances were channelled into business, which accounted for 71-72 percent of the total amount.
The amount used to support families in Vietnam has shrunk slightly this year.
TheVietnam Economic Times newspaper quoted an analyst as saying that theGovernment's recent policies have created favourable conditions forOverseas Vietnamese to remit money home.
The exchange-ratesadjustment in June and the difference in interest rates between the dongand the US dollar have also helped attract more flows.
Minh said the Government has liberalised policies related to inward remittances.
Recipients do not have to pay income tax and can keep the remittances in foreign currencies and deposit them in banks.
The stability of the dong has also been a factor, Minh said.
Besides banks, many newly opened companies are also providing remittance services.
Thedeputy general director of a joint stock bank based in Hanoi, whodeclined to be named, said banks have focused on diversifying remittanceservices, expanding distribution channels, and reducing the time tomake payments, and have launched attractive promotion campaigns.-VNA
