Overseas national currency exchange beats record in 2008
VGP – Since the beginning of this year, the amount of overseas national currency exchange (ONCE) has reached over US $6 billion, equal to the last year figure. The whole-year volume is predicted to score US $8 billion, increasing by US $2.5 billion compared to 2007.
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According to statistics of the UN, Việt Nam was one of ten biggest recipient countries of overseas national currency exchange in 2006 and 2007 |
The sum of money came from around 500,000 Vietnamese people working in over 30 different countries and territories. Most of them sent 70-80% of their income to the fatherland.
The big flow of ONCE to Việt Nam is mainly attributed to the State’s more open and flexible policies on foreign exchange management and incentives given to overseas Vietnamese. Other reasons are the maintained stability of exchange rate and the recovery of the domestic economy.
Over the past five years, not only overseas nationals in the US, Australia, and the EU, but also guest-workers, experts, and students in other countries have significantly contributed to the volume of ONCE to Việt Nam.
The amount of ONCE this year may be 160 times higher than in 1991 with year-by-year increase of 35%.
Over the last 17 years, around US $35 billion has been sent to Việt Nam, accounting for 70% of FDI in the period of 1998-2007 and 1.5 times higher than the ODA disbursement since 1993.
By Kim Loan
