Over USD2 billion of overseas remittances flow to southern hub
Thursday, 30/06/2016 17:17 (GMT+7)
Overseas remittances to Ho Chi Minh city through official channels were estimated to hit USD2.1 billion in the first six months of the year, up 3% over a year earlier.
Photo for illustration
Deputy director of the State Bank of Vietnam (Ho Chi Minh city branch) Nguyen Hoang Minh said that remittances from overseas Vietnamese have been shifted from real estate, stocks and savings to manufacturing and business.
Over the past five years, overseas remittances to the southern locality have increased by an average of 10-12% a year.
With the city’s economic recovery being faster than other localities, the city is forecast to rake USD5.7 billion in overseas remittances in 2016.
Mr. Minh noted that the sharp increase in Vietnam’s overseas remittances market mainly came from the US and Europe, while those from China and the Republic of Korea only contributed a small proportion of the total capital inflow./.
BTA
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