Overseas remittance to HCMC estimated at US$4.8 billion in 2013

Overseas national currency exchange sent to the City is estimated at US$4.8 billion in 2013, accounting for nearly 50 percent of the country’s total overseas national currency exchange, according to Mr Nguyen Hoang Minh, deputy director of the State Bank of Vietnam Ho Chi Minh City Branch.

By November this year, overseas national currency exchange sent to HCMC via commercial banks and economic institutions in the city exceeded $4.15 billion.

The flow of overseas remittance has helped to create foreign currency supply, stabilize exchange rate and monetary market, and contribute to the city’s economic development.

Noticeably, the amount of overseas remittance this year is mainly for business sector, helping to ease financial difficulties for local businesses. Particularly, 70 percent of overseas national currency exchange transferred to HCMC was for business sector; 20 percent was for real estate sector; and 10 percent was affirmed as financial support to family or relatives.

Overseas remittance sent to the City was mainly from European and US markets. However, this year, overseas remittance from two emerging markets, namely South Korea and China, posted rapid growth, accounting for 5-7 percent of total overseas remittance whereas it merely accounted for 1-2 percent in previous years.

Last year, the amount of overseas national currency exchange transferred to HCMC hit $4.1 billion.

By Nhung Nguyen – Translated by Thuy Doan

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