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Remittances to City rise 3% to $2.1b

Remittances to HCM City in the first half of this year rose  三 per cent year-on-year to US$ 二. 一 billion.— Photo thesaigontimes.vn

HÀ NỘI — Remittances to HCM City in the first half of this year rose  三 per cent year-on-year to US$ 二. 一 billion.

The deputy director of the State Bank of Việt Nam’s HCM City branch, Nguyễn Hoàng Minh, said the remittances mainly went to production and businesses.

Minh forecast that remittances to the city would continue to rise, reaching roughly $ 五. 七 billion due to the city’s rapid economic rebound.

Remittances to HCM City, one of the top localities nationwide with the largest volume of remittances, have increased roughly  一0- 一 二 per cent on average for the past five years.

The rise in remittance sources has been mainly thanks to an increase in remittances from the United States and the European Union, Minh said, adding that remittances from China and the Republic of Korea had remained modest. 

Remittances to HCM City last year reached $ 五. 五 billion, inching up against the $ 五. 二 billion received in  二0 一 四. More than  七0. 八 per cent of the remittance value flowed to production and businesses, while roughly  二 一. 六 per cent went into real estate and  七 per cent was destined for relatives.

Compared with last year’s overall remittance of nearly $ 一 二. 三 billion, Việt Nam’s remittance for this year has been forecast to increase slightly in the wake of Government policies to encourage overseas Vietnamese to invest in their homeland and due to the warming of the local real estate market. — VNS