Overseas remittances to HCMC reach $2.85 billion

Overseas remittances to Ho Chi Minh City was estimated to reach US$2.85 billion by the end of August this year, a year on year increase of nearly 6 percent.

Banks’ remittance service has been developed in Vietnam (Photo: SGGP)

According to Mr. Nguyen Hoang Minh, deputy director of the State Bank of Vietnam in HCMC, the remittances to the city saw an increase of 14 percent in August over the previous month.

Most of the remittance volume came from the US and Europe and flowed in production and trading.

Overseas remittances have highly grown for the last five years averaging 10-12 percent a year.

Vietnam has a high number of overseas and labor export workers. In addition, remittance service by banks has been developed, facilitating money transfer and increasing the remittance volume to the country.

By P. Duy – Translated by Hai Mien

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