Business

Remittances to HCM City reach 5 billion USD in 2016

Remittances to Ho Chi Minh City reached five billion USD in 2016, said Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh on January 10.
Remittances to HCM City reach 5 billion USD in 2016 ảnh 1Illustrative image (Photo: VNA)

HCM City (VNA) - Remittances to Ho Chi Minh City reached five billion USD in2016, said Deputy Director of the State Bank of Vietnam’s Ho Chi Minh Citybranch Nguyen Hoang Minh on January 10.

The amount accounts for 57-58 percent of the nationalfigure, a year-on-year increase of about 11 percent.

The flow of remittancesto the city in the year slowed down and fell short of expectations due to USpresident-elect President Donald Trump’s expected domestic economy policies andthe enhanced value of the US dollar.

Additionally,the Federal Reserve raised its interest rate late in 2016, and plans to do thesame three more times in 2017, which will boost the dollar.

Of theremittances to the city, 72 percent were invested in production, 21.8 percentin real estate, and 6.2 percent to support families.

The city alsorecorded a year-on-year increase of five percent of remittances withdrawn inVND, according to Minh.-VNA
VNA
#remittances #Donald Trump #domestic economy Ho Chi Minh City
Follow VietnamPlus

Related News

Vietnamese expats vow to develop HCM City

Vietnamese expats vow to develop HCM City

Expatriates showed their high determination to work with HCM City's authorities and people in turning the city into a major centre of economics, trade, science and technology in Southeast Asia.

See more

A Korea-invested company in Hue city, Vietnam (Photo: VNA)

Foreign investors show strong confidence in Vietnam’s long-term investment potential

While concerns over tariffs are real and may lead some foreign investors to take a more cautious approach in disbursing capital, especially for large-scale and long-term projects, Vietnam still holds significant advantages in attracting FDI thanks to a favourable business environment and, most importantly, the Government’s strong commitment to supporting investors.

Deputy Minister Nguyen Hoang Long, Minister of State Douglas Alexander, and representatives from ministries and the embassies of both countries pose for a group photo at the 14th JETCO meeting. (Photo: VNA)

Vietnam, UK boost economic, trade ties

Over the past decade, trade and investment relations between Vietnam and the UK have made remarkable strides. On trade, the two countries have implemented the UKVFTA for more than four years, and most recently, the UK’s accession as the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has further strengthened bilateral cooperation.

Workers assemble parts on an automotive production line in HCM City. The city’s industrial sector is showing strong signs of recovery. (Photo: moit.gov.vn)

HCM City sees strong recovery in industrial production

HCM City's 23 industries – including printing and media reproduction, furniture manufacturing, non-metallic mineral products, motor vehicles, electrical equipment, clothing and electronic and optical products – reported higher output in the first half of 2025.

Workers pack cashew nuts at Duc Thinh production and trading co., ltd., former Binh Phuoc province (Photo: VNA)

Vietnam targets 4.5 billion USD in cashew exports for 2025

Figures from the first six months show cashew exports reached 346,800 tonnes, earning 2.36 billion USD, a drop of 2.7% in volume but a surge of 20.4% in value annually. The rise was largely attributed to a significant increase in export prices, which helped offset lower shipment volumes.

The Hai Phong City Convention and Performance Centre is one of the venues for ABAC III. (Photo: VNA)

Hai Phong expects strong wave of investment from APEC member economies

Hai Phong will present investment registration certificates for 32 projects and sign seven Memoranda of Understanding, with total committed capital exceeding 15.6 billion USD. These projects include investments from Europe and the US, reflecting the growing interest of global investors in the city's business environment and development potential.

The ongoing administrative reforms are expected to expand the real estate sector's appeal to investors. (Photo: VNA)

Institutional reforms open new investment frontier for realty sector

Assessing the impact of the new model, Director at Savills Vietnam’s Advisory Services Do Thi Thu Giang said that the deeper decentralisation of authority to local administrations will help reduce processing time for construction permits and project approvals, thereby reducing opportunity costs and increasing investment efficiency.

Minister Counsellor Pham Quang Huy, deputy head of Vietnam's Permanent Mission to Geneva and representatives of St. Gallen Endowment. (Photo: VNA)

Vietnam boosts cooperation with St. Gallen Endowment of Switzerland

Minister Counsellor Pham Quang Huy, deputy head of Vietnam's Permanent Mission to Geneva, has recently held a working session with representatives of the St. Gallen Endowment to boost cooperation between Vietnam and the Swiss fund, as part of his attendance at a seminar in Geneva on risk levels and countries’ trade responses to rising tariffs.

Czech Minister of Industry and Trade Lukas Vlcek speaks at the seminar (Photo: VNA)

Czech businesses ramp up pursuit of opportunities in Vietnam

The Vietnam – Czech Republic business networking seminar, held in Hanoi on July 11, opened up numerous prospects for cooperation between the two countries in key areas such as high technology, energy, mining, and the defence industry.

PVI Insurance shines bright with prestigious international awards

PVI Insurance shines bright with prestigious international awards

At the 2025 Insurance Asia Awards, held by Insurance Asia News in Hong Kong, PVI Insurance was the only company from Vietnam to win in all three main non-life insurance categories, Best General Insurer, Outstanding Claims Management and Best Digital Insurer of the Year.