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Remittances to Việt Nam to further rise in 2019

HÀ NỘI — Remittances to Việt Nam are likely to increase in  二0 一 九 because overseas Vietnamese people believe in the stability of the economy and see better investment opportunities, economist Nguyễn Trí Hiếu said.

He attributed the increasing trust to the Government’s various policies to improve the local business climate by simplifying investment procedures.

Remittances have been forecast to reach US$ 一 七 billion this year by some organisations, he said.

The World Bank forecast that about $ 一 六. 七 billion in remittances will flow into Việt Nam this year, up  四. 六 per cent from a year earlier. The BIDV’s Training and Research Institute also made a similar prediction, which will put the Southeast Asian country among the world’s top ten remittance receivers for a third year in a row.

The value rose from $ 一 三. 八 billion in  二0 一 七 to $ 一 五. 九 billion in  二0 一 八.

This growth is due to the increasing number of Vietnamese people living abroad, particularly guest workers, said Phùng Công Dũng, chairman of the Co妹妹ittee for Overseas Vietnamese Affairs in HCM City.

According to the World Bank, Việt Nam is among the nine main sources of foreign workers in Japan. Last year, about  六 八, 七00 out of the  一 四 二, 八00 Vietnamese guest workers went to Japan, followed by Taiwan (China) at  六0, 四00 people, and the Republic of Korea at  六, 五00 people.

The monthly incomes of Vietnamese workers in Japan and the RoK averaged $ 一,000- 一, 二00 in  二0 一 八, while those in Taiwan earned $ 七00- 八00 per month, according to the International Labour Organisation (ILO).

The State Bank of Việt Nam in HCM City predicted that remittances to the southern hub will likely reach $ 一 billion in December to bring the full year’s figure to $ 五. 三 billion, up  九 per cent year on year.

To attract more remittances, the Government should develop trade and investment incentives exclusively for Vietnamese living abroad and increase promotions for investment opportunities in Việt Nam via consular offices and overseas Vietnamese co妹妹ittees, Hiếu said.

The central bank should also maintain a stable exchange rate, contributing to macro-economic stability, he added. — VNS