Overseas remittances to HCMC exceed US$4 billion

According to the State Bank of Vietnam, by the beginning of December this year, overseas remittances to Ho Chi Minh City have exceeded US$4 billion and are expected to continue to climb quickly during peak time of the last month of this year.
With the current rate, the city will possibly complete its plan of $5.2 billion of overseas remittances this year, an increase of $200 million over the previous year. Remittances were transferred mostly from the US, Australia, South Korea and Japan.

According to BIDV’s macroeconomic report for the first 11 months of this year, Vietnam will receive $16.7 billion of remittances this year. Remaining in the group of largest remittances recipients has helped the US dollar exchange rate against the Vietnamese dong to stay stable from the beginning of this year, trade surplus to hit $9.1 billion in the first 11 months of this year and FDI capital attraction to post good growth with disbursed capital of $17.62 billion.

In addition, the fact that the US Federal Reserves reduced its benchmark interest rate for three times this year and is expected to cut it further in the future is also the factor that impacts positively on the US dollar exchange rate and remittances to Vietnam.

By Nhung Nguyen – Translated by Thuy Doan

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