August 4, 2008
The amount of overseas remittances from overseas Vietnamese has grown dramatically this year, according to a banking authority.
Nguyen Ngoc Lam, deputy director of the State Bank of Vietnam’s Foreign Exchange Management Department, said overseas remittances to Vietnam in the first half of this year reached about US$5 billion, up US$300 million over last year.
The amount of such remittances is expected to reach US$8 billion by the end of the year.
In the past, overseas remittances came mostly from Vietnamese living in America, Australia and Europe, but more are being sent by people who live in Asia and the Middle East.
Tran Van Trung, director of Eastern Asia Overseas Remittance Co of Eastern Asia Bank (Dong A Bank), said those markets had grown sharply recently. [Read more]
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