Overseas remittances to HCMC fall 19.6 pct in April

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Overseas remittances to Ho Chi Minh City fell 19.6 percent in April from the previous month to US$367.6 million, the VnExpress website reported Thursday.

The central bank's branch in the Vietnamese metro said the decline was a result of economic difficulties around the world and early returns of many Vietnamese guest workers.

The report also cited an unnamed economist as saying that remittances had fallen because interest rates on dollar deposits have been cut. Dollar rates are now capped at 3 percent a year.

Le Xuan Nghia, deputy chairman of the National Financial Supervisory Commission, rejected this explanation, saying dollar interest rates in Vietnam are still higher than in other countries.

Nghia said that following the return of 10,000 workers from Lybia, the commission predicted a minor decline in total remittances to Vietnam this year, from $4.3 billion to $4.1 billion.

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