Nearly 70 percent of remittances in 2013 was poured into business and production, serving to extricate difficulties for enterprises and household businesses, according to the Government Portal.
The inflow of remittances increased constantly from 8.26 billion USD in 2010 to 9 billion USD in 2011, 10 billion in 2012 USD and 11 billion in 2013 USD. Vietnam continued to be in top 10 remittance recipients.
Noticeably, the money no longer focused on the real estate sector.
A survey conducted by the National Financial Supervision Committee in 2011 showed that 52 percent of the money sent to some 4,000 households was invested in the real estate sector, and the rest came to bank savings and consumption activities.
The trend reversed in the last 10 months of 2013. In Ho Chi Minh City, the real estate sector absorbed only 21 percent of remittances, a sharp declined in comparison with the 52 percent in 2011 and the 23 percent in 2012.
A report on the 2014 macro-economic performance compiled by the Bank for Investment and Development of Vietnam also said that remittances are shifting from real estate to production.
The trend was forecast to continue in 2014 and the inflow would pick up 10 percent.-VNA
Remittances shift trend to production last year Related image(s)
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