Despite the strengthening of the dollar against other global currencies, remittances to HCM City have continued to increase.

Driving forces for Vietnam’s economic growth need to be maintained not only in 2018, but also in the years to come, Prime Minister Nguyễn Xuân Phúc said at Government’s regular meeting yesterday.

Analysts attributed the excellent performances in the banking sector this year to sharp credit growth.

More than 300 overseas Vietnamese businesspeople from 25 countries and territories met in HCM City yesterday to take part in the Business Association of Overseas Vietnamese’s (BAOOV) third congress.

Remittance inflows to HCM City in the first five months of this year reached US$2 billion, almost double compared to the first quarter of 2018.

On May 29 the State Bank of Việt Nam adjusted the đồng-US dollar exchange rate, weakening the Vietnamese currency by VNĐ9 to VNĐ22,605 per dollar, which represented the greenback’s biggest rise so far this year.

Việt Nam’s foreign reserves has increased by 130 per cent to nearly US$64 billion in the past two-and-a-half years, Prime Minister Nguyễn Xuân Phúc said.

State Bank of Việt Nam (SBV) has continuously bought in hard currencies in the past few months, raising the country’s foreign reserves to a record high of US$63 billion.

The chief of the HCM City legislature has asked the city administration how it plans to raise resources to fund development.

The Vietnam General Confederation of Labour (VGCL) has proposed amending the law on Vietnamese workers working abroad under contracts to give trade union organisations direct participation in protecting overseas labourers.