Oversea remittances to HCMC hits US$3.25 billion in nine months

A total of 3.25 billion had been remitted to Ho Chi Minh City in the first nine months this year, reported the State Bank of Vietnam in the city.

The remittance volume to HCMC has been highest in Vietnam accounting for 40-45 percent in previous years. It is expected to reach 50 percent this year totaling US$5.5 billion.

According to the bank, exchange rate adjustments have still been attractive enough for oversea Vietnamese to transfer money to their relatives. Besides, a large amount has gone to the warming up real estate market.
Besides, related mechanisms have been clear, permitting recipients to get the remittances in cash or via account transfer without any taxes.

Commercial banks have launched programs to receive remittances at a very competitive fee of 0.2-0.5 percent from the U.S. and European, two major remittance markets of Vietnam. 

By Hanh Nhung – Translated by Hai Mien

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