Oversea remittances to Ho Chi Minh City reached 3.12 billion USD in January-September and the figure is forecast to rise to 5 billion USD at the end of this year, well above last year’s 4.8 billion USD, according to a local newspaper.

Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam’s HCM City branch, told the Saigon Times Daily on October 1 that incoming remittances from Vietnamese nationals abroad poured into production and real estate sectors are higher this year.

The production sector accounted for 70.8 percent of last year’s remittances while this year’s rate is 72 percent, while the real estate sector so far this year has attracted 22 percent of remittances compared to 20.9 percent in 2013. The remaining amount (6 percent) is channeled into the education sector and given to relatives.

Vietnam was the ninth biggest beneficiary of international remittances last year with 11 billion USD, according to the World Bank. With 70 billion USD, India topped the chart, followed by China (60 billion USD) and the Philippines (25 billion USD).

In related news, financial indicators in Ho Chi Minh City this year to date have shown positive signs, according to a report from the municipal government.

Credit institutions in the city mobilised 1,226 trillion VND in the nine-month period, up 4.71 percent against December and 11.6 percent against last year’s same period.

Total outstanding loans in the period picked up 6.05 percent from last year and 10.6 percent year-on-year to exceed 1,000 trillion VND.

According to the city government, deposits by residents accounted for a high 56.1 percent of the total mobilized by banks.-VNA