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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The city alsorecorded a year-on-year increase of five percent of remittances withdrawn inVND, according to Minh.-VNA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
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