Vietnam this year would remain among the top 15 recipients with remittances of roughly 12.5 billion USD from Vietnamese living overseas, a World Bank (WB) report says.
Domestic statistics also estimated that Vietnam this year would receive roughly between 13 billion USD and 14 billion USD of remittance. (Source: thoibaonganhang.vn)
Hanoi (VNA) - V🍸ietnam this year would remain among the🌄 top 15 recipients with remittances of roughly 12.5 billion USD from Vietnamese living overseas, a World Bank (WB) report says.
Banking expert Can Van Luc quoted World Bank's statistics to say at a conference last week that Vietnam was ranked 11th in the WB's list.
The WB's report revealed that India is forecast to gain the top spot, with more than 72 billion USD in remittances, followed by China with 63.9 billion USD. Other major recipients are the Philippines, Mexico, France, and Nigeria, in addition to Egypt and Pakistan, with each receiving roughly more than 20 billion USD.
Domestic statistics also estimated that Vietnam this year would receive roughly between 13 billion USD and 14 billion USD of remittance, up against 12 billion USD last year.
Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam's HCM City branch, said that the inward remittance to HCM City, which accounts for more than one-third of the country's total remittance, could reach 5.5 billion USD this year, a year-on-year increase of 10 percent.
Minh attributed the rise to the favourable devaluation of the dong against the US dollar, the recovery of local businesses, the warming real estate market and the Government's policies to encourage Viet kieu (overseas Vietnamese) to invest in their homeland including a decision to allow foreigners to own homes in Vietnam.
The Government's policies to encourage overseas Vietnamese to invest in their homeland have helped increase the inflows.
Commercial banks are also optimistic about the inward remittance source this year.
Director of Dong A Bank's Remittance Co Tran Van Trung said his company targeted a remittance growth rate of 15 percent to 20 percent this year. Last year, remittances to the company reached 1.6 billion USD, up 10 percent against the previous year.
Besides the traditional markets of the United States, Australia and Canada, where there are many Viet kieu, Trung said that his company would also focus on new markets such as Japan and Malaysia, which are Vietnam's large labourer export markets.
Remittances continue to underpin economic growth through supporting private consumption and housing markets for Vietnam.
According to Vo Tri Thanh, Deputy Director of the Central Institute for Economic Management, remittances play an important role in the nation's economic development and macro-economic stability.
Statistics from the State Committee for Overseas Vietnamese Affairs under the Ministry of Foreign Affairs showed that nearly five million Vietnamese are residing in 103 countries and territories around the world. Remittances to Vietnam were 9 billion USD in 2011, 10 billion USD in 2012, 11 billion USD in 2013 and 12 billion USD last year.
Between 1993 and 2014, Vietnam received total remittances of about 96.66 billion USD, with an average remittance of 4.4 billion USD per year, accounting for 6.8 percent of the country's gross domestic product (GDP) over the period.
Remittances into Vietnam have increased about 22.4 percent annually in the past two decades, with an exception in 1997 and 2009 when economies in the world faced a financial crisis.-VNA
Overseas Vietnamese have sent home remittances of 1.4 billion USD through HCM City-based banks in the first four months of this year, a year-on-year increase of 19.6 percent.
Overseas Vietnamese remittances to Ho Chi Minh City in the first nine months of the year hit 3.25 billion USD, according to the HCM City branch of the State Bank of Vietnam (SBV).
The central bank's recent dollar deposit reduction would not have a negative effect on Vietnamese remittances from overseas because an insignificant amount of the remittances went into savings.
Vietnamese remittances from overseas to HCM City, one of the country's leading destinations for remittances, hit 3.7 billion USD by the end of October, a year-on-year increase of 13 percent.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
Domestic statistics also estimated that Vietnam this year would receive roughly between 13 billion USD and 14 billion USD of remittance. (Source: thoibaonganhang.vn)
