Remittances from overseas Vietnamese to their homeland
would reach USD $3 billion this year

VNECONOMY updated: 27/07/2004


Banking sources say the remittances from overseas Vietnamese to Vietnam have increased dramatically this year and are expected to surpass the record figure of U$2.6 billion in 2003 to reach U$3 billion.

According to Tran Ngoc Minh, director of HCM City’s State Bank of Vietnam branch, the city led the country in remittances, with currently U$900 million, up 11 percent from 2003 respective figure.

The money of remittances sent to Ho Chi Minh City in the last 6 months exceeded the amount of foreign direct investment made in the entire country during the same period.

There are more than 2.7 million overseas Vietnamese, residing in foreign countries, mostly in the US, Australia, France and Canada.

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Who has helped? I did...

My family send back over 4000 so far this year. Half of them was to expand our business in Vietnam and the rest to relatives and close friends.

My mother send money every year to her family in VN.
how much, i don't know...

My family has no assets in Vietnam as yet, we send 1200 Euros/month for my sister's spendings and helping the poor.

Toi 4000K only?
man my family send over to Vietnam at lease 6-8K per yrs. Those relative is so damn greedy they just keep asking for more.

NQSH is still a student!

4000K ? no, Australian dollars, "AUD" I think.


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Sorry, this is OFF-TOPIC

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on my mom side of the family used to be the poorest areas in Hue. Now all you see is brand new houses. no one have jobs. they just get thier nails done and go eat at restaurants. then there are families that compete on who send the most money back to build the biggest houses. its sad man. people over here break thier backs while people in vietnam complain you dont love them if you dont send money as much as the next person. they think everyone can make money over here. those people live better then my family over here in the U.S.

my i just send 100 US dollar to my grand parent in vietnam and im just only 15 -

I am poor.

That's the intention that counts !

yea they said they needed a new tv and since i have some money form baby seating, i may as give it to they then spend it on junk food and get fatter

That's very funny

Dude that's only so far this year, as I've stated. Besides, when I start working as a financial adviser or banker, I think my family will have to send more. LOL

For this past two years I send over 50thousand dollars to my family. I am exhausted. Now I only do 300/mos.

are you serious?? if i had a scenario like that, i would cut back on the sponsoring. but damn, overseas vietnamese send a lot of money to back home, eh?

Well what can we do? We have to help our relatives and family members out. Even friends.

My family sent back $20,000 in 2000 to build a three storey house in Saigon. Muahahaha it worth so much now.

My great aunty in America even sent money to build 3 humungous houses for her siblings and relatives.

Oh well that's the Vietnamese spirit anyway.

It is not different with cambodian and vietnamese family back home.

that sucks, i wouldnt send so much money that they can splurge, just enough to get by easily if they were to be in tough times.

Id hate to see my relatives living in better homes/eating better than me cuz of my money's ability to stretch much futher over there and see them not even bother to work knowing that a cheque will arrive shortly.

I think it would make people lazy; not much incentive to work for low wages. Imagine what one can do with even $300 US per month in vietnam, like someone here said. I think you can do a lot with that amount with a whole duration of a month...hmm, if i were to receive $300 a month from someone i would feel a bit bad cuz that's a lot of money to receive even for here in canada.

LOL we don't do that. Because we have lots of relatives so it sounds like we send alot. I always make sure that each of the receipient does do something for a living (except for the elderly or kids) and our money will only make their life a bit easier.

oh good, im glad to hear that

not all vietnamese poeple do this. it just developes in certain circles. they think that when people see thier siblings and parents with big houses and such that thier son/daughter is doing good and making alot of money overseas. even if they're not they send money. just this year for instance. my mom's friend sent 12k to build a house. but then a month later his friend made a 40k house. he saw the new house, demolished the 3 month old house and built a 55k house. what the hell? damn they are just wasting money. cases like these are rare. but it does happen.

Woa, you guys sent a lot, I feel guilty complain to my mom . Now, she only send like 3-4K/year. My relatives back in VN don't ask us for money though, they can take care of themselves, they work really hard, and each of my cousins' bikes cost as much as my car!!! and I work, they don't!!! Tủi thân quá!

whoa whoa if you send $4,000 a year to vietnam, that = 62,808,000.00 VND which is pretty wild. i wouldn't mind being a millionaire for once in my life hehe so how many years pass before the folks start asking for money again? 5? 10??

This is really smart! I looked at the price of a 3-storey 189/250m² house in a new construction area the other day, and it was VND 1.2 billion (over USD 75,000). In Saigon? Was that in Australian dollars also?

A long time ago, in 1993 I think, one of my brother gave a Saigonese friend USD 2,500, and he could buy a piece of land and build his house. Another brother gave the same sum a year later to another friend, who is now quite well off, for he possess a kiosk selling baby's wear in Bên Thành, and employs 5 people.

Well! we are glad they are doing better!

Our house is worth at least USD$300,000 so it's all good thanks to the meteoric rise of real estate prices.