Central bank says inward remittances to top $8 billion

The State Bank of Vietnam forecasts overseas remittances to reach US$8 billion this year, a 45.5 percent jump from last year.

Chairman Le Tri Thong of Dong A Money Transfer Company said transfers handled by his firm alone has exceeded $1.1 billion so far. The Ho Chi Minh City-based company expects the amount to rise to $1.2 billion for the whole year, a year-on-year increase of 20 percent.

Vietnam Bank for Private Enterprises, one of Western Union’s five agents in Vietnam, said revenues from money transfer service have risen 70 percent this year.

Remittances to HCMC have topped $4.4 billion so far. They usually account for more than half the amount the country receives.

Economist Dinh The Hien said overseas Vietnamese tend to deposit money in Vietnamese banks since they offer higher interest rates than foreign lenders.

Vietnamese living and working overseas often send more money home towards the end of the year.

Reported by Thanh Xuan

Update from: http://www.thanhniennews.com/business/?catid=2&newsid=44250