HCM City remittances race to 1 billion USD mark hinh anh 1Clients at DongA Money Transfer Co Ltd (Photo: VNA)

HCM City (VNA) - Remittances to HCM City, which routinely accounts for the highest amount in the country, has topped 1 billion USD already this year.

Nguyen Hoang Minh, deputy director of the State Bank of Vietnam (SBV)’s HCM City office, said 58 percent of the amount came from the US and 22 percent from Europe.

Remittances by Vietnamese guest workers abroad have not increased by much this year, he said.

Remittances to the city last year fell to 5 billion USD from 5.5 billion USD in 2015.

Last year more than 72 percent of the remittances were invested in business, 21.8 percent went into real estate and the rest to remitters’ families for their use.

According to the SBV’s HCM City office, last year the city accounted for 57 percent of all remittances to Vietnam, rising sharply from the 45-47 percent that was the norm earlier.-VNA