Saturday, 2 January 2010

VIETNAM: Remittances from abroad fall 20% in 2009

HA NOI — Remittances into Viet Nam in 2009 are expected to fall considerably against 2008, but investment has remained buoyant despite the global economic recession.

Nguyen Hoang Minh, deputy head of the State Bank of Viet Nam’s HCM City branch, said remittances into Viet Nam through banks and agents in HCM City were worth about US$3.2 billion this year, down 20 per cent against 2008.

Le Duc Thuy, chairman of the National Financial Supervison Commission, said that a reduction in remittances in 2009 was unavoidable, due partly to rising unemployment in countries where Vietnamese expats live. Read more

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