Thursday, 3 February 2011

VIETNAM: More cash pours in from overseas Vietnamese

HCM CITY — The World Bank predicts inward remittances will increase by more than 6 per cent this year, based on the amount of last year.
Inward remittances to Viet Nam increased strongly in the last decade, from only US$1.2 billion in 1999 to $7.2 billion in 2008.
Last year was the first time in which remittances surpassed $8 billion, a rise of 25.6 per cent over 2009.
The recovery of the world economy as well as better economic growth have opened more business opportunities, with more and more overseas Vietnamese transferring money to invest here.
With a more liberalised remittance policy, including allowing the sending and receiving of US dollars, commercial banks as Sacombank and Vietcombank have taken many measures to attract foreign currencies. Read more

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