Overseas remittances contribute to production, trading in HCMC

Overseas remittances to Ho Chi Minh City were estimated to reach US$2.1 billion in the first half this year, up 3 percent over the same period last year, said deputy director of the State Bank of Vietnam in HCMC Nguyen Hoang Minh .

Overseas remittances to HMC are forecast to hit US$5.7 billion this year (Photo: SGGP)

The money mainly ran into production and trading instead of real estate, stock market and bank savings as before.

The city has expected to receive a total of US$5.7 billion of overseas remittances this year, Mr. Minh forecast. The funds increase an average of 10-12 percent a year for the last five years.

Major remittance markets of Vietnam now are the U.S. and European countries. The amount of money remitted from China and South Korea is insignificant.

By T. Van – Translated by Hai Mien

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