Overseas remittances to Vietnam may fall this year: Report

Overseas remittances to Vietnam may drop to US$6.8 billion this year, Dau Tu newspaper said, citing Le Duc Thuy, chairman of the National Financial Supervisory Commission.

Declines in remittances are “inevitable” because the global economic crisis has reduced jobs and hurt people’s income, said Thuy, a former central-bank governor, according to Dau Tu.

The amount of money sent home by Vietnamese living and working abroad was $8 billion in 2008, up from $6.7 billion in 2007, according to the Overseas Vietnamese Commission.

thanhnien, Bloomberg

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