Overseas remittance to Vietnam hit a record high of US$9 bln

The WB said Vietnam remains one of 16 nations which have received the largest amounts of overseas remittance in the world.

The figure will continue to rise with the growing volume of oversea remittance transferred to Vietnam through banking systems.

The Head of the Overseas Remittance Service Department from the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Ngo Xuan Hai, said that overseas remittance revenue channeled through the bank is expected to reach US$1.3 billion this year, up 15 percent compared to the previous year.

Trinh Hoai Nam, deputy director from the DongA Money Transfer said that until December 29, the volume of overseas remittance sent to his company is estimated at US$1.6 billion, up more than US$300 million against the same period last year.

Over the past two years, despite global economic difficulties, Vietnam has seen a strong inflow of overseas remittance from the US, Canada, Australia and other markets such as Malaysia, Taiwan and Japan.

In the past decade, overseas remittance has increased from US$1.34 billion in 2000 to US$8.26 billion in 2010 and US$9 billion in 2011. But the sales of foreign currencies remain at a modest rate of 10-20 percent.