Normally, the overseas remittance flows flood into Vietnam from the Solar New Year to the Lunar New Year (mid-February). However, in recent years, overseas remittance flows began flooding into Vietnam sooner. Vietnam is estimated to receive over US$5 billion worth of overseas remittances in 2007. According to statistics, the Bank for Foreign Trade of Vietnam (Vietcombank) received US$950 million worth of overseas remittances in 11 months of 2007, an increase of nearly GO per cent against the same period last year. Sacombank, the second largest remitting bank, received US$840 million in 11 months and it expected to transfer US$930 million in the whole year. Dong A Bank hopes to transfer US$850 million in 2007. The Industrial and Commercial Bank of Vietnam (Incombank) is reported to transfer US$750 million in the year, an increase of 50 per cent against 2006.
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