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Official Gazette

Wednesday, September 20, 2017

Overseas remittances expected to grow this year

Updated: 01:19’ - 11/04/2014

Remittances to Vietnam are expected to increase this year, boosted by better employment prospects in overseas markets and new investments by overseas Vietnamese, according to economic think-tanks.

Le Xuan Nghia, a former vice president of the National Financial Supervisory Committee, said the data and market analysis of the past three years showed that remittances increased every year, from USD 9 billion and 10 billion in 2011 and 2012 to USD 11 billion last year.

The incomes of Vietnamese guest workers are likely to rise as unemployment rates fall to 4-5 percent from 9-10 percent in some developed countries, including the United States, Canada and Australia.

The Government’s policies have become more supportive for Vietnamese workers wishing to work abroad. Workers can transfer money home for investment, said Vietcombank Deputy General Director Pham Thanh Ha.

Vietnamese individuals who live abroad but have retained their Vietnamese citizenship can now buy property without restrictions, according to the latest decree on the implementation of the Land and Housing Law.

Those who are eligible to buy houses in Vietnam can also enjoy other privileges, such as transfer of land use rights when selling property, mortgage of their land use rights at credit institutions and lease of their properties.-


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