Remittance to HCMC reaches $3.38b in 9 months

Overseas remittance flowing into HCM City until the end of September rose 12.5 per cent month-on-month to nearly US$3.38 billion.

The State Bank of Viet Nam (SBV)’s HCM City branch reported that the capital flow increased 6 per cent year-on-year.

Most of the remittance came from the United States, accounting for some 60 per cent of the total, followed by the Europe with roughly 19 per cent.

Deputy director of SBV’s HCM City branch Nguyen Hoang Minh said 72 per cent of the remittance was poured into production and business, 22 per cent into real estate and 6 per cent went into individual spending.

Minh attributed the positive result to domestic macroeconomic stability and the development of remittance transfer services.

Besides this, remittance recipients also preferred to exchange foreign currency into Vietnamese dong thanks to local foreign exchange policies, including the zero per cent interest rate applicable on dollar deposits.

SBV’s HCM City branch estimated that remittance to the city in 2017 will reach $5.7-5.8 billion, up 5.6 per cent against last year.

Last year, the city received remittance worth $5 billion, accounting for some 57 per cent of Việt Nam’s total remittance.

Source VNA