Overseas remittances to HCM City to reach US$5.2 bln

VGP – As of early November, overseas remittances to Ho Chi Minh City were estimated at US$3.9 billion, said Deputy Director of the State Bank-Ho Chi Minh City branch.

November 28, 2017 3:43 PM GMT+7

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He expected that the city will receive around US$1.3 billion in the rest two months of 2017, raising the total overseas remittances to US$5.2 billion, up 6% against the previous year.

The overseas remittances to Ho Chi Minh City were mainly transferred from the U.S., Australia and Canada and other key labor exports such as China, Japan, the Republic of Korea and ASEAN.

Up to 72% of the overseas remittances were poured in production and manufacturing while 22% and 6% were invested in real estate and consumption, respectively.

The overseas remittances may compensate for trade deficit and contribute to the nation’s foreign reserves.

By Thuy Dung