Remittances to HCM City in the first eight months of this year reached US$2.9 billion. — Photo tuoitre.vn

HA NOI (Biz Hub) — Remittances to HCM City in the first eight months of this year rose nearly 6 per cent year-on-year to reach US$2.9 billion.

State Bank of Viet Nam's HCM City branch Deputy Director Nguyen Hoang Minh said remittances rose 14 per cent compared with last month, adding that the money was mainly received from the United States and the European Union.

Minh said the remittances were mainly used for production and businesses.

With the rising rate, Minh expected the city would receive $5.7 billion-$5.8 billion in remittances this year, up 5.6 per cent against last year.

Remittances to HCM City, among the localities receiving the largest volume of remittances nationwide, have increased some 10 to 12 per cent on average in the past five years.

Remittances to the 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 some 21.6 per cent went into real estate and seven per cent went to relatives. — VNS