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Overseas remittances to Vietnam rise 11 per cent in 2011
Jan 2, 2012, 4:42 GMT
Hanoi - Dollar remittances from overseas Vietnamese rose more than 11 per cent last year compared with 2010, reports said Monday.
Remittances totalled a record 9 billion dollars, according to World Bank data. Inflows have risen steadily from 1.3 billion dollars in 2000.
There are an estimated 3.6 million Vietnamese emigrants and 400,000 temporary workers abroad. Remittances reached the equivalent of about 8 per cent of gross domestic product last year, compared with 7.7 per cent in the previous year.
'Remittances have helped Vietnam to deal with the balance of payments,' said senior economist Le Dang Doanh. 'Thanks to high remittances, Vietnam's overall balance of payments is in a surplus after many years of suffering a deficit.'
Vietnam had a balance of payments deficit of 3.2 billion dollars in 2010 but a surplus of the same amount in 2011.
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