Saturday, 19 June 2010

Predicting the Future of Remittances to Vietnam

Money streaming into Vietnam has a huge impact on whoever it is receiving the money. Whether it be a low-income family in the Southern Delta to big-name banks in Saigon, remittance offers a big boost to the country’s economy.

Approximately 11.2% of Vietnam’s GDP (gross domestic product) comes from remittance. Though this may appear to be a low figure, it is huge compared to Mexico which is the highest recipient for money transferred in, yet just 4% of the country’s GDP is due to remittance.

Since restrictions on remittance to Vietnam are so few and far-between, many foreigners began investing in savings or businesses in the area, which in turn sparked the economy. In major cities you will find new buildings and businesses those investors have begun pouring their money into with the help of unlimited tax-free transfers. Read more

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