Remittances to Vietnam are likely to further increase in 2019 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said.
Remittances to Vietnam are likely to further increase in 2019. (Photo: VNA)
Hanoi (VNA) – Remittances to Vietnam are likely to further increase in 2019 because overseas Vietnamese people believe in thestability of the economy and see better investment opportunities, economist Nguyen Tri Hieu said.
He attributed the increasing trust to the government’s various policies to improve the local business climate by simplifying investment procedures and increasing market confidence.
Remittances havebeen forecast to reach 17 billion USD this year by some organisations, he said.
The World Bankforecast that about 16.7 billion USD in remittances will flow into Vietnam this year, up 4.6 percentfrom a year earlier. TheBIDV’s Training and Research Institute also made a similar prediction, which will put the Southeast Asian country among the world’s topten remittance receivers for a third year in a row.
The value rose from 13.8 billion USD in 2017 to 15.9 billion USD in 2018.
This growth is due to the increasing number of Vietnamese people livingabroad, particularly guest workers, said Phung Cong Dung, chairman of the Committee for Overseas Vietnamese Affairs in Ho Chi Minh City.
According tothe World Bank, Vietnam is among the nine main sources of foreign workers in Japan. Last year, about 68,700 out of the 142,800 Vietnamese guest workers went to Japan, followed by Taiwan (China) at60,400 people, and the Republic of Korea at 6,500 people.
The monthlyincomes of Vietnamese workers in Japan and the RoK averaged 1,000 – 1,200 USDin 2018, while those inTaiwan earned 700 – 800 USD per month, according to the International Labour Organisation (ILO).
The State Bankof Vietnam in HCM City predicted that remittances to the southern hub willlikely reach 1 billion USD in December to bring the full year’s figure to 5.3billion USD, up 9 percent year on year.
To attractmore remittances, the government should develop trade and investment incentivesexclusively for Vietnamese living abroad and increase promotions for investmentopportunities in Vietnam via consular offices and overseas Vietnamesecommittees, Hieu said.
The centralbank should also maintain a stableexchange rate, contributing to macro-economic stability, he added./.
Ho Chi Minh City received about 3.45 billion USD in remittances sent back home by overseas Vietnamese in the first eight months of 2019, a year-on-year increase of 8 percent, according to the State Bank of Vietnam (SBV)’s HCM City Branch.
Remittance flows into Ho Chi Minh City in the first nine months of the year were estimated at around 3.8 billion USD, a year-on-year increase of 7 percent.
Vietnam is expected to remain one of the top ten remittance receivers in 2019, according to the latest edition of the World Bank’s Migration and Development Brief released recently.
Remittances to Ho Chi Minh City are expected to reach some 5.3 billion USD in 2019, a year-on-year surge of 9 percent, despite unfavourable global financial and monetary market, according to Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh.
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Remittances to Vietnam are likely to further increase in 2019. (Photo: VNA) 
