Tuesday, 5 January 2010

VIETNAM: Remittances From Abroad Fall 20 Per Cent In 2009

HANOI, Jan 4 (Bernama) -- Remittances into Vietnam in 2009 are expected to fall considerably against 2008, but investment has remained buoyant despite the global economic recession, Vietnam News Agency (VNA) reported Monday.

Nguyen Hoang Minh, deputy head of the State Bank of Vietnam's HCM City branch, said remittances into Vietnam 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.

It is estimated that total remittances into the country in 2009 may reach US$6-6.8 billion, down from US$7.2 billion in 2008. Read more

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