Ho Chi Minh city sees rising overseas remittances
Thursday, 07/09/2017 18:16 (GMT+7)
By the end of August 2017, overseas remittances to Ho Chi Minh city totalled USD3 billion, a year-on-year rise of 5%, said the State Bank of Vietnam (SBV) - Ho Chi Minh city branch, on September 6th.
Photo for illustration. (Source: tapchitaichinh.vn)
In August alone, the remittances to the southern city reached about USD500 million. According to the organ, the remittances mainly flow from the US (accounting for 60%) and Europe (about 20%).
Because the exchange rate was stable, most remittances were transferred from foreign currencies to Vietnamese dong by receivers to hold.
Majority of the remittances were used for production, business and investment, but not invested in real estate or stock as before.
With the positive growth, the SBV expected remittances to the hub will reach about USD5.7-5.8 billion in 2017, a 5.6% rise over a year earlier./.
BTA
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