Overseas remittances to Ho Chi Minh City reach 3 billion USD
Overseas remittances to Ho Chi Minh City through official channels in the first eight months of 2017 were estimated at 3 billion USD, up 5 percent year-on-year, sourced mostly from the US and Europe.
HCM City (VNA) – Overseas remittancesto Ho Chi Minh City through official channels in the first eight months of 2017were estimated at 3 billion USD, a year-on-year increase of 5 percent, sourcedmostly from the US and Europe.
Experts attributed the increase to thestrong development of the city’s economy, while predicting the figure willcontinue growing in the rest of this year.
Outstanding credit in the city exceeded 1.6 quadrillionVND (70.4 billion USD), up 19.8 percent against the same period last year.
According to Deputy Director of the StateBank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh, remittances andcredit mostly flowed into production and business activities.
Overseas remittances to Ho Chi Minh Citywere 5 billion USD in 2016. The amount accounted for 57-58 percent of thenational figure, a year-on-year increase of about 11 percent.-VNA
Remittances into Ho Chi Minh City have shown signs of slowing down and is estimated to reach five billion USD this year, 11 percent short of the year’s expectation.
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A corner of Ho Chi Minh City (Source: VNA)
