Overseas remittances coming into HCM City in the first 10 months of this year were worth US$3.9 billion, the State Bank of Viet Nam has said.

Most of the remittances still come from countries such as the US, Australia and Canada, with the US accounting for around 60 per cent of the amount.

However, remittances from places like China, Japan, South Korea, and ASEAN member countries are rising though still small.

The central bank said another $1.3 billion would come in this year, considering remittances normally spike at the end of the year.

This will take the full-year figure to $5.2 billion, a 6 per cent increase over last year.

The increase in remittances is one of the causes of the recent exchange rate stability.

The steady exchange rate means remittance receivers are less likely to hold on to their dollars.

According to the central bank’s city branch, on average 72 per cent of the remittances is invested in business, 22 per cent goes into real estate, while the rest is used for living expenses. – VNS