Overseas remittances contribute to production, trading in HCMC

Overseas remittances to Ho Chi Minh City were estimated to reach US$2.1 billion in the first half this year, up 3 percent over the same period last year, said deputy director of the State Bank of Vietnam in HCMC Nguyen Hoang Minh .

Overseas remittances to Ho Chi Minh City were estimated to reach US$2.1 billion in the first half this year, up 3 percent over the same period last year, said deputy director of the State Bank of Vietnam in HCMC Nguyen Hoang Minh .

Overseas remittances to HMC are forecast to hit US$5.7 billion this year (Photo: SGGP)
Overseas remittances to HMC are forecast to hit US$5.7 billion this year (Photo: SGGP)

The money mainly ran into production and trading instead of real estate, stock market and bank savings as before.

The city has expected to receive a total of US$5.7 billion of overseas remittances this year, Mr. Minh forecast. The funds increase an average of 10-12 percent a year for the last five years.

Major remittance markets of Vietnam now are the U.S. and European countries. The amount of money remitted from China and South Korea is insignificant.

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