Monday, 09/12/2019 19:07 (GMT+7)
(CPV) - Vietnamese overseas remittances to the southern city reached USD4.3 billion as of the end of November 2019, according to Deputy Director of the State Bank of Vietnam's Ho Chi Minh city branch, Nguyen Hoang Minh.
The flow is forecast to increase in the last month of the year. Accordingly, remittances to the city are expected to reach some USD5.3 billion in 2019, a year-on-year surge of 9%, despite unfavorable global financial and monetary markets.
The flow of money to Vietnam each year is usually higher than that of the previous year. Ho Chi Minh city always takes the lead among remittances receivers. The fields which attract the most are production, business, and real estate.
Currently, the remittances mainly come from the US, Europe, Australia, the Republic of Korea and Japan.
The flow of remittances not only contributes to supporting the city’s economic development, but also is a stable supply of foreign currency. In 2019, although the State Bank of Vietnam continuously adjusted the exchange rate, the stable source of remittances helped export activities, tourism and FDI grow well; contributing to stabilizing the hub’s foreign currency source.
According to the World Bank, Vietnam is now the world’s 9th biggest remittances receiver. In 2019, it is expected to receive USD16.7 billion from Vietnamese expatriates (equivalent to 6.4% of GDP), a year-on-year rise of USD700 million./.
BTA