Overseas remittance surges sharply in 2019

Economists forecast that the amount of overseas remittances is expected to be on the rise thanks to stable economic conditions and better confidence of overseas Vietnamese people. 

According to Economist Nguyen Tri Hieu, the Government has applied various policies which facilitate the business environment; streamline investment procedures, and encourage overseas Vietnamese people to engage in production and business. 

Mr. Hieu also attributed positive policies on exchange rates and foreign exchange to overseas remittance attraction. He forecast that the amount of overseas remittances would be on the rise in 2019 to about US$ 17 billion. 

Earlier, the World Bank (WB) estimated that Viet Nam would absorb US$ 16.7 billion of overseas remittances in 2019, up 4.6% against 2018. The BIDV's Research Center published a macro-economic report in the first 11 months which predicted that Viet Nam would receive US$ 16.7 billion. 

Hence, 2019 would be the third consecutive year Viet Nam is listed in the list of the 10 largest overseas remittance recipients after absorbing US$ 13.8 billion and US$ 15.9 billion in 2017 and 2018 respectively. 

Mr. Phung Cong Dung, Chairman of the HCM City Committee for Overseas Vietnamese said that the rising amount of overseas remittances roots from increasing number of overseas Vietnamese and overseas Vietnamese guest workers. 

According to the WB, the number of overseas Vietnamese people in Japan increased at the fastest pace in comparison with other markets. 

Last year, out of 142,800 Vietnamese people arrived in foreign markets, 68,700 selected Japan; followed by Taiwan with 60,400; the RoK with 6,500./.

By Kim Anh