$3.1 billion in overseas remittances

Total money repatriated by overseas Vietnamese is projected to reach around $ 3.1 billion in 2004, compared to $2.7 billion in 2003. Of this amount, about $1.85 billion is expected to go to Vietnamese living in the HCMC area. In comparison, Vietnam received $3.5 billion in foreign direct investment during the first ten months of this year.

Overseas remittances have become an important part of the economy, significantly changing the role of commerical banks in the society who handle about 70% of the remittances, and increasing hard currency. Remittances jumped in 1999, with a decision by the Vietnamese Government to cancel all taxes on remittances to encourage such inflows. (Youth Nov 24 p11, Young People Nov 24, Liberated Saigon Nov 17 p1; Vietnam News Briefs Nov. 24)