Overseas remittances to HCMC reach $4.55 bln in first eleven months

According to the State Bank of Vietnam in Ho Chi Minh City Branch, overseas remittances flowing to Ho Chi Minh City reached at US$ 4.55 billion in the first eleven months of 2017.

(Illustrative photo:SGGP)

(Illustrative photo:SGGP)

Of the number, volume of overseas remittances from the US and Europe accounted for 60 percent and 20 percent respectively.

The State Bank of Vietnam said that the huge amount of overseas remittances flowing to the country fell to the Lunar New Year Eve.

This year, volume of overseas remittances to Ho Chi Minh City is expected to reach around US$ 5.2 billion, an increase of 4.5 percent compared to last year. 

As the domestic macro-economy has been stable during the previous time and the pressure of increasing exchange rate has not existed, the citizens have gradually exchanged into Vietnam Dong to get profit; specially the interest rate in US dollar is currently 0 percent, added the State Bank of Vietnam in Ho Chi Minh City Branch. 

In addition, most of the overseas remittances to the city run into production and trading compared with the previous time running into reserving, real estate and stock exchange.

The statistics of World Bank showed that the overseas remittances to Vietnam increased about 16 percent in 2017 being the highest increase during five recent years. 

This year, the overseas remittance to Vietnam is expected to reach US$ 13.8 billion, compared with US$ 11.5 billion in 2016. 

BY MINH HUY – Translated by Huyen Huong

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