Remittances to Vietnam estimated at 16.7 billion USD

Remittance flows into Vietnam are expected to reach 16.7 billion USD in 2019, Vice Chairman of the State Committee for Overseas Vietnamese Affairs (SCOVA) Luong Thanh Nghi cited statistics of the World Bank at a meeting with the press in Ha Noi on December 26.
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With the amount, Vietnam has remained the world’s top ten remittance receiver for three consecutive years, with the largest coming to the southern economic hub of Ho Chi Minh City (5.6 billion USD).

remittances to vietnam estimated at 167 billion usd
Illustrative image.

According to the official, currently about 3,000 businesses run by overseas Vietnamese have invested in 52 cities and provinces at home, with total registered capital amounting to 4 billion USD.

These firms, mainly from the US, Canada, Australia, Russia, France, the Netherlands, Japan, Poland and Switzerland, have poured investments into such areas as for-export processing and production, trade, tourism, construction, real estate, aquaculture, seafood processing, and software industry.

Nghi said the contingent of overseas Vietnamese businesspeople have proven their role and position in host countries while organising many trade and investment promotion activities, helping introduce Vietnamese brands to the world.

Regarding the performance of the SCOVA, Nghi said the committee has provided advice for relevant ministries and agencies to improve the legal system relating to overseas Vietnamese.

With the timely support of the committee, the legal status of OVs has been consolidated, he said, adding that the committee has called on host authorities to facilitate the business and settlement of Vietnamese expatriates.

At the same time, it has supported the community in maintaining traditional culture and language, with the most noteworthy the “Xuan Que huong” (Homeland Spring) programme 2019 that brought together more than 1,000 Vietnamese from countries worldwide.

Nghi told the press that in 2020, the committee will continue to strengthen solidarity among OVs, carry forwards their resources in the new situation, attract individuals in scientific and technological technologies and popularise guidelines and policies of the Party and State among them.

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(Source: VNA)