Overseas remittance to Vietnam slips by US$500M

Families relying on remittance may need to cut expenses as the global economy slows down and interest rates on the dollar are kept under control.

In a news release, the Vietnam government reported that overseas remittance via Ho Chi Minh City-based banks in the first six months of 2012 reached US$1.9 billion, down by US$500 million against the same period last year, according to official statistics.

The decrease is mainly attributed to global economic downturn, “frozen” real estate market, and controlled ceiling dollar interest rates.

The city’s major remittance sources come from the US, Australia, Canada and Europe Taiwan, the Republic of Korea and Japan.

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