Overseas remittances coming into Ho Chi Minh City in the first 10 months of this year were worth 3.9 billion USD (Illustrative image. Source VNA) HCM City (VNA) - Overseasremittances coming into Ho Chi Minh City in the first 10 months of this yearwere worth 3.9 billion USD, the State Bank of Vietnam has said.
Most of the remittances still comefrom countries such as the US, Australia and Canada, with the US accounting foraround 60 percent of the amount.
However, remittances from placeslike China, Japan, the Republic of Korea, and ASEAN member countries are risingthough still small.
The central bank said another 1.3billion USD would come in this year, considering remittances normally spike atthe end of the year.
This will take the full-year figureto 5.2 billion USD, a 6 percent increase over last year.
The increase in remittances is oneof the causes of the recent exchange rate stability.
The steady exchange rate meansremittance receivers are less likely to hold on to their dollars.
According to the central bank’s citybranch, on average 72 percent of the remittances is invested in business, 22percent goes into real estate, while the rest is used for living expenses. – VNA
