Inward remittances to HCM City hit nearly US$4 billion in 10 months

VOV.VN - Foreign remittances to Ho Chi Minh City reached US$3.9 billion in the 10 months leading up to November, said Deputy Director of the State Bank of Vietnam (SBV)’s HCM City branch Nguyen Hoang Minh. 

The figure will increase dramatically in the remaining months of the year as it is the time that the highest amount of remittances will flow into the city.

Mr Minh forecast that overseas remittances may hit US$5.2 billion this year, a year-on-year rise of 6%.

According to the SBV’s HCM City branch, countries where overseas remittances flowing to Vietnam are enjoying a quite positive economic situation. The US accounted for 60%, followed by the EU (19%) and countries from other continents (20%).

Reality shows that 72% of inward remittances went to production activities, 22% to real estates and the remaining amount was used to support family members.

Foreign remittances have constantly grown since 2010 and hit a record high of US$13.2 billion in 2015 but dropped by 33% in 2016. This can be partly attributed to the fact that banks cut interest rates for dollar deposits to zero percent.

Inward remittances provide a source that help offset the country’s trade deficit and greatly contribute to foreign exchange reserves.

Add new comment

Related

US tightening anticipated minor impact on inward remittances
US tightening anticipated minor impact on inward remittances

US President Donald Trump’s announcement of tightening control over money outflows from the US, gave rise to concerns over possible impacts on inward remittance flows to Vietnam. Financial expert Huynh Trung Minh scrutinises the issue.

US tightening anticipated minor impact on inward remittances

US tightening anticipated minor impact on inward remittances

US President Donald Trump’s announcement of tightening control over money outflows from the US, gave rise to concerns over possible impacts on inward remittance flows to Vietnam. Financial expert Huynh Trung Minh scrutinises the issue.

Overseas remittances to HCM City reach US$3 billion
Overseas remittances to HCM City reach US$3 billion

Overseas remittances to Ho Chi Minh City through official channels in the first eight months of 2017 were estimated at US$3 billion, a year-on-year increase of 5%, sourced mostly from the US and Europe.

Overseas remittances to HCM City reach US$3 billion

Overseas remittances to HCM City reach US$3 billion

Overseas remittances to Ho Chi Minh City through official channels in the first eight months of 2017 were estimated at US$3 billion, a year-on-year increase of 5%, sourced mostly from the US and Europe.

Remittances to HCM City hit US$3.3 billion
Remittances to HCM City hit US$3.3 billion

VOV.VN - Foreign remittances to Ho Chi Minh City reached US$3.375 billion in nine months up to October, up 12.5% against August and 6% over the same period last year, according to the State Bank of Vietnam’s HCM City branch.

Remittances to HCM City hit US$3.3 billion

Remittances to HCM City hit US$3.3 billion

VOV.VN - Foreign remittances to Ho Chi Minh City reached US$3.375 billion in nine months up to October, up 12.5% against August and 6% over the same period last year, according to the State Bank of Vietnam’s HCM City branch.