HCMC receives $2.5bn in remittances in seven months

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Remittances to HCM City in the first seven months of this year rose 4.16 per cent year-on-year to reach US$2.5 billion.

Remittances to HCM City in the first seven months of this year rose 4.16 per cent year-on-year to reach US$2.5 billion. — VNS Photo
HA NOI (Biz Hub) — Remittances to HCM City in the first seven months of this year rose 4.16 per cent year-on-year to reach US$2.5 billion.

According to State Bank of Viet Nam's HCM City branch Deputy Director Nguyen Hoang Minh, with the rising rate, HCM City, which is among the localities receiving the largest volume of remittances nationwide, would receive $5.7 billion-$5.8 billion in remittances this year, up 5.6 per cent against last year.

Minh said the remittances mainly went into production and businesses.

Remittances to HCM City have increased roughly 10 to 12 per cent on average in the past five years.

The rise in remittance sources has been mainly attributed to an increase in remittances from the United States and the European Union, Minh said, adding that remittances from China and the Republic of Korea had remained modest.

Remittances to HCM City last year reached $5.5 billion, exceeding the $5.2 billion received in 2014. More than 70.8 per cent of the remittance value flowed into production and businesses, while roughly 21.6 per cent went into real estate and seven per cent to relatives. — VNS

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