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Remittances to HCM City reach 1.3 billion USD in Jan-April 2016

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Illustrative photo (Source:Internet)
Hanoi (VNA) - Remittances to HCM City in the past four months reached more than 1.3 billion USD, up 211 million USD against the previous month.

The Deputy Director of the State Bank of Vietnam's (SBV) HCM City branch, Nguyen Hoang Minh, said the amount was up 2 percent against the same period last year.

Reports from the SBV's HCM City branch also showed the US dollar capital mobilisation by the city-based commercial banks in the reviewed period declining 11.02 percent early this year due to the zero percent interest rate policy and the stability of foreign exchange.

Experts forecast that the remittances to HCM City this year would continue to be optimistic, reaching roughly 5.5 billion USD, the same as last year, thanks to the city's economic growth. Remittances to HCM City, which is one of the top localities nationwide with the largest volume of remittances, last year inched up against the 5.2 billion USD received in 2014. More than 70.8 percent of the remittance value flowed to production and business, while roughly 21.6 percent went into real estate and 7 percent was for relatives.

It is forecast that remittances to Vietnam this year will increase slightly in comparison with last year in wake of the Government's policies to encourage overseas Vietnamese to invest in their homeland and the warming local real estate market.-VNA
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