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Remittances to HCM City reach $1.3bn in Jan-Apr

Update: May, 27/2016 - 20:18

HÀ NỘI — Remittances to HCM City in the first four months of this year reached more than US$1.3 billion, up $211 million against the previous month.

The deputy director of the State Bank of Việt Nam’s (SBV) HCM City branch, Nguyễn Hoàng Minh, said the amount was up 2 per cent against the same period last year.

Reports from the SBV’s HCM City branch also showed the US dollar capital mobilisation by the city-based commercial banks in the first four months declining 11.02 per cent early this year due to the zero per cent interest rate policy and the stability of foreign exchange.

Experts forecast that the remittances to HCM City this year would continue to be optimistic, reaching roughly $5.5 billion, the same as last year, thanks to the city’s economic growth. Remittances to HCM City, which is one of the top localities nationwide with the largest volume of remittances, last year inched up against the $5.2 billion received in 2014. More than 70.8 per cent of the remittance value flowed to production and business, while roughly 21.6 per cent went into real estate and 7 per cent was for relatives.

It is forecast that remittances to Việt Nam this year will increase slightly in comparison with last year in wake of the Government’s policies to encourage overseas Vietnamese to invest in their homeland and the warming local real estate market.

According to a recent World Bank report titled "Migration and remittances fact book 2016," Việt Nam received nearly $12.3 billion in remittances in 2015. The country is the 11th largest recipient of remittances worldwide and ranks third in the Asia-Pacific region after China and the Philippines, according to the report. — VNS



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