Overseas remittances to Vietnam's HCM City slightly increase in 11 months

Source: Xinhua| 2017-12-11 15:56:36|Editor: Jiaxin
Video PlayerClose

HO CHI MINH CITY, Dec. 11 (Xinhua) -- Vietnam's Ho Chi Minh City received overseas remittances of nearly 4.6 billion U.S. dollars in the first 11 months of this year, posting a slight year-on-year rise.

More than 60 percent of the money came from the United States and over 19 percent from Europe, the Ho Chi Minh City branch of the State Bank of Vietnam, the country's central bank, said Monday.

The city is forecast to receive overseas remittances of nearly 5.2 billion U.S. dollars this year, up 4.5 percent against last year.

Overseas remittances to Vietnam surged from 141 million U.S. dollars in 1993 to 13.2 billion U.S. dollars in 2015, and dropped to more than 9 billion U.S. dollars in 2016. One of the key reasons for the decline was interest rates on deposits in U.S. dollars in Vietnam falling to zero percent.

Nearly 5 million overseas Vietnamese currently reside in 103 countries and regions worldwide.