Overseas remittances expected to hit new record
07:03 | 05/08/2008
VGP - According to the State Bank of Việt Nam (SBV), overseas remittances to Việt Nam are expected to reach US $8 billion by the end of the year, up 60 percent in comparison with the last year's figure.

Overseas remittances can reach US $8 billion this year – Illustration photo

For the first six months, overseas remittances reached US $3.5 billion, said Mr. Nguyễn Ngọc Lân, Deputy Director of SBV's Foreign Exchange Management Department.

The official attributed this sharp growth to the State's recent open and flexible policies on foreign currency management and preferential treatments offered to overseas Vietnamese, including the encouragement to them to buy houses and do investment in the homeland.

Besides, the stable exchange rate as well as international confidence in Việt Nam's medium and long-term economic prospects were additional factors to help boost the overseas remittances.
It was reported that remittances mainly flowed in from the United States, Australia and some other European countries. Vietnamese experts, students and guest workers have also made a significant contribution, local banks revealed.
Some remittance packages, now worth of tens or even hundreds of thousands of US dollars, have been poured in investment, business and savings.
Many domestic banks and remittance service companies have been actively expanding their facilities in both traditional and new markets by reducing costs and developing new services, so as to attract more potential clients.

By Hải Minh

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