Overseas remittances down 12.8%, says State Bank

Remittances by overseas Vietnamese for the home country totaled US$6.283 billion last year, a year on year drop of 12.8 percent, the State Bank of Vietnam said.

A State Bank report said the number did not drop significantly as forecast in the year of global economic downturn.

Last year, Ho Chi Minh City alone received from overseas Vietnamese remittances of US$3.2 billion.

Among the sums, the Foreign Trade Bank of Vietnam (Vietcombank) transmitted US$1.3 billion, US$100 million less than in 2008. HCM City-based Sacombank enjoyed a 10 percent increase in remittances, posting at US$850 million.

The money transfer company of DongA Bank reported a 15 percent decrease to US$1 billion. Company deputy director Trinh Hoai Nam said the amount of remittances increased considerably in December, as the global economy has already showed signs of recovery.

By Tuong Vy

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