Remittances will remain a "gold mine".

According to economic researchers' forecasts, remittances from overseas Vietnamese will continue to flow back into the country in the coming years.

Statistics show that remittances have been continuously increasing over the past three years. While remittances to Vietnam totaled $9 billion in 2011, this figure rose to $10 billion in 2012 and increased by another $1 billion in 2013, reaching $11 billion.

According to Dr. Le Xuan Nghia, former Vice Chairman of the National Financial Supervision Committee, despite the challenging global economic context, remittances have remained at a positive level, increasing year after year.

Notably, remittances are no longer solely from overseas Vietnamese and migrant workers sending money to their family members as before, but also include funds sent for investment purposes. This assessment by Dr. Le Xuan Nghia coincides with the results of a recent market research study published by Western Union.

According to this study, in recent years, two groups have emerged with a prominent need for remittances. Firstly, overseas workers and Vietnamese expatriates send money back home to help their families, support education, visit during holidays, and cover family expenses. In addition, a new need has recently emerged: they send money back to repay previous loans, build houses, and buy real estate.

Regarding the remittance figures for 2013, an economic expert stated that this was a result of the Party and State's policies and guidelines over the past period, aimed at maximizing the resources of overseas Vietnamese. In particular, Resolution No. 36-NQ/TW of the Politburo, which called for the implementation of policies concerning overseas Vietnamese throughout the entire political system, received significant attention and support from overseas Vietnamese.

In particular, the Resolution emphasizes prioritizing the completion and development of new policies to attract overseas Vietnamese to invest and conduct business domestically. The State values ​​small and medium-sized investments and businesses carried out directly by overseas Vietnamese or through relatives in Vietnam; and expands and further facilitates remittance policies.

"The increase in remittances has contributed positively to the foreign exchange market and exchange rates both recently and in the future," an economic expert emphasized.

According to economic researchers, remittances will continue to flow back into the country in the coming years and become a "gold mine" that needs to be further exploited due to many attractive factors.

Firstly, since 2011, the government's policies have consistently focused on macroeconomic stability and have yielded positive results. Inflation has been controlled, the Vietnamese dong's standing has been enhanced, and both Vietnamese citizens and overseas Vietnamese have gained more confidence in these policies.

Secondly, in addition to remittances from traditional markets such as the US, France, South Korea, and Taiwan (China), which are the main source of income, new markets have emerged. In particular, recently, Vietnamese people have established businesses and conducted trade in many countries around the world.

The government also has many open policies and has signed cooperation agreements with several countries regarding labor export. According to Western Union statistics, while more than a decade ago, remittances sent to Vietnam via Western Union came from only 16 countries, this number has now increased to over 200 countries and territories.

Thirdly, in the coming period, the global economy will recover, coupled with the government's continued implementation of more liberal policies to attract investment, especially "opening the door" for overseas Vietnamese to own land and property in the country.

Fourth, banking services are becoming increasingly developed and modern, making it more convenient to receive remittances.

With the advantages analyzed above, according to the assessment of Dong A Remittance Company, the amount of remittances during the Lunar New Year of 2014 could increase by up to 35% compared to the average of the months of the year. According to the forecast of the BIDV Research Center, remittances for the whole year 2014 will increase by about 10%. Thus, by the end of this year, the amount of remittances could reach 12 billion USD, adding resources to the country's economic growth.

According to VOV