Remittances to southern hub hit USD5 billion in 2016
Thursday, 12/01/2017 15:43 (GMT+7)
Remittances to Ho Chi Minh city reached USD5 billion in 2016, making up 57-58% of the amount for the entire country, up about 11-12% over a year earlier.
Photo for illustration
These figures were announced by Mr. Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam’s Ho Chi Minh city branch on January 10
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This year’s flow of remittances to the southern city saw signs of slowing and fell of short of expectations, due to US President-elect Donald Trump’s policies of supporting domestic economy and lifting the value of the US dollar.
In addition, the US Federal Reserve officially raised interest rates of the US dollar in the end of 2016 and planned to increase the interest rate three more times in 2017, contributing to boosting the dollar.
Mr. Nguyen Hoang Minh noted that 72% of the remittances were poured into production and investment, 21.8% in real estate, and 6.2% in solving difficulties of families./.
BTA
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