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Remittances to HCM City reach 1.2 billion in Q1

Remittances to Ho Chi Minh City were estimated to reach 1.2 billion USD in the first quarter of this year, said Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam’s branch in the southern largest economic hub.
Remittances to HCM City reach 1.2 billion in Q1 ảnh 1Illustrative photo (Source: VNA)

HCM City (VNA) - Remittances to Ho Chi Minh Citywere estimated to reach 1.2 billion USD in the first quarter of this year, saidNguyen Hoang Minh, Deputy Director of the State Bank of Vietnam’s branch in thesouthern largest economic hub.

This represented a rise of more than 7 percent over the sameperiod last year.

The inflow of remittances has been increasing in recent years,averaging growth of 10 percent per year, driven by the stable macroeconomicsituation, Minh said, adding that remittances were mainly flowing intoproduction and business (about 60-65 percent) and real estate (around 20 percent).

In addition, remittance receivers tended to exchange foreigncurrencies into Vietnamese dong to enjoy higherdeposit interest rates. The rate on deposits in US dollars has been kept atzero for more than two years.

The amount of remittances to HCM City totalled 5 billion USD in2018.

The country received a sum of nearly 16 billion USD inremittances last year, one hundred times higher than in 1993.

According to the World Bank, Vietnam is one of the top tenremittance receivers.

Remittances to Vietnam came from more than 4.5 millionoverseas Vietnamese together with a large number of workers working abroad.-VNA
VNA
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