Stop sending money back to wait for the yen to recover
The other day, Mr. Nguyen Quang Sang (33 years old, from Quang Binh) heard the news that the yen had slightly increased in value. He was excited and hoped that the situation would continue to change positively, but in reality, he found the increase in value to be "insignificant".
Not long after, a few days later, the Japanese currency turned around and the exchange rate decreased. Experienced people told Mr. Sang not to put too much hope in the Yen's early recovery of value because it would easily lead to disappointment.
Vietnamese workers are worried as the value of the yen has not recovered as before (Illustration photo).
Mr. Sang went to Japan in January 2021 to work at a confectionery factory. With an hourly wage, Mr. Sang had to work 8 hours a day to earn 12-13.5 million VND/month (about 19.7-22.1 million VND).
On the morning of September 11, the yen increased by 0.8% against the USD, to 146.6 yen per USD. Domestically, the yen exchange rate increased at 7 banks for buying and increased at 4 banks for selling. However, by the morning of September 16, the yen exchange rate was adjusted down simultaneously in both buying and selling directions at most banks. Previously, at the beginning of 2021, 103 yen could be exchanged for 1 USD, now it takes 147 yen to exchange for 1 USD.
Since the yen has fallen, Sang's income and the amount of money he sends home to his parents have also "decreased". Before, when he first came to Japan, for every 20 man he sent home, after deducting expenses, his family received about 38-43 million VND. Now, the actual amount of money his relatives receive has decreased to 32-34 million VND.
"Although the Japanese government has supported and activated many service packages to help foreigners live better, things are still difficult. Rising prices and falling incomes have greatly affected us, foreign workers," said Mr. Sang.
Regarding living expenses, if before he only needed to spend 2-4 man (about 3.2-6.5 million VND) per month, now Mr. Sang has to spend 3-5 man (about 4.9-8.2 million VND).
According to Mr. Sang, this situation has been going on since the end of 2022.
For the past year, he and many workers have decided to stop sending money home, waiting for the day the value of the Japanese currency is restored to avoid losses.
"Some people I know have kept money for 2 years and haven't sent it back to their families because the currency has lost value. Only those who are in dire straits have gritted their teeth and sent it back," said Mr. Sang.
Due to fluctuations in the Japanese currency, the amount of money Vietnamese workers send home has decreased significantly recently (Photo: Overseas Labor Center).
Mr. Sang also planned that if the situation did not improve, he would leave Japan to work in other countries such as Australia, Canada, and New Zealand.
Putting aside the dream of changing one's life in Japan
Similarly, Nguyen Gia Quan (27 years old, from Hanoi) has been living and working in Japan for more than 5 years. As an engineer, Quan said that although his income is quite high compared to the general level, he still has to struggle to send money back home in the context of the devaluation of the yen.
"My income has decreased by more than 10 million VND, from over 30 million VND to 20 million VND/month. The exchange rate fluctuations do not affect Japanese people too much, but we Vietnamese workers have a big headache. The company has started to lay off employees or at least cut working hours, and workers are no longer allowed to work overtime like before," said Mr. Quan.
Although the devaluation of the yen has made workers worried, Japan is still the market that receives the most Vietnamese workers, with 41,139 people (Illustration photo: Son Nguyen).
For workers going to Japan as trainees, according to Mr. Quan, the challenge is even greater.
Mr. HN (30 years old) once asked his parents to borrow 200 million VND to invest in working in Japan, hoping to pay off the debt soon and save up a significant amount before returning. But now the money HN makes each month is just enough to pay off the debt and has no surplus.
Faced with the situation of high food prices and a 40% increase in electricity bills, N. feels a lot of pressure.
The depreciation of the yen caused N.'s income in Vietnamese currency to decrease by 7 million VND, from 29 million VND to 22 million VND/month.
"Far from home, life is stressful, I set a goal to work hard to earn money to pay off debt, have some capital and then return to Vietnam to open an electrical repair shop. This job does not require a lot of capital or experience," N. confided.
By the end of December 2022, the total number of Vietnamese workers living and working in Japan is about 345,000 people, including 200,000 technical interns, 78,000 specific skilled workers, 65,000 engineers, interpreters...
In the first 6 months of 2023, Vietnam sent over 72,000 workers to work abroad, of which more than 35,000 went to Japan alone.
Source link
Comment (0)