Remittances to HCM City in the past four months reached more than US$1.3 billion, up $211 million against the previous month. - Photo thoibao.today

HA NOI (Biz Hub) — Remittances to HCM City in the past four months reached more than US$1.3 billion, up $211 million against the previous month.

The deputy director of the State Bank of Viet Nam's (SBV) HCM City branch, Nguyen Hoang Minh, said the amount was up 2 per cent against the same period last year.

Reports from the SBV's HCM City branch also showed the US dollar capital mobilisation by the city-based commercial banks in the reviewed period declining 11.02 per cent early this year due to the zero per cent interest rate policy and the stability of foreign exchange.

Experts forecast that the remittances to HCM City this year would continue to be optimistic, reaching roughly $5.5 billion, the same as last year, thanks to the city's economic growth. Remittances to HCM City, which is one of the top localities nationwide with the largest volume of remittances, last year inched up against the $5.2 billion received in 2014. More than 70.8 per cent of the remittance value flowed to production and business, while roughly 21.6 per cent went into real estate and 7 per cent was for relatives.

It is forecast that remittances to Viet Nam this year will increase slightly in comparison with last year in wake of the Government's policies to encourage overseas Vietnamese to invest in their homeland and the warming local real estate market. — VNS