Remittances to HCMC reach US$3.45 billion in eight months
According to the State Bank of Vietnam – Ho Chi Minh City Branch, overseas remittances to the city were estimated to reach US$3.45 billion in the first eight months of this year and are expected to exceed $5 billion this year.
Remittances have been poured heavily into Vietnam as domestic macro-economy has been stable for a long time and the pressure to raise exchange rate due to market sentiment was eliminated so recipients of remittances have gradually converted foreign currencies into Vietnamese dong and deposited their money in savings accounts.
Vietnam has around 4.5 million overseas Vietnamese who always want to contribute to the development of the country. Remittances to Vietnam has continuously increased in the past years and Vietnam is among the top ten largest remittance recipients in the world.
According to the World Bank, remittance to Vietnam was nearly $16 billion last year, $13.8 billion in 2017 and $11.88 billion in 2016. It is forecast that remittances would continue to flow heavily into the country despite of changes in the world.