The State Bank in Ho Chi Minh City has announced that the city received an additional US$700 million from overseas Vietnamese in April and May to raise the total to almost US$1.7 billion in the first five months of the year.
The increase in remittances is due Vietnam’s fast economic growth rate and many overseas Vietnamese are eager to send money to their relatives to invest in business.
The global economic recovery has prompted more regular and larger remittances from Malaysia and Middle Eastern countries.
According to the State Bank of Vietnam, the supply of foreign currency has greatly improved with US$9.3 billion being bought and nearly US$10 billion being sold.
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