Home Finance

City remittances race to $1b mark

Mar 24th at 20:05
24-03-2017 20:05:21+07:00

City remittances race to $1b mark

Remittances to HCM City, which routinely accounts for the highest amount in the country, have topped US$1 billion already this year.

 

Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam (SBV)’s HCM City office, said 58 per cent of the amount came from the US and 22 per cent from Europe.

Remittances by Vietnamese guest workers abroad have not increased by much this year, he said.

Remittances to the city last year fell to $5 billion from $5.5 billion in 2015.

Last year more than 72 per cent of the remittances were invested in business, 21.8 per cent went into real estate and the rest to remitters’ families for their use.

According to the SBV’s HCM City office, last year the city accounted for 57 per cent of all remittances to Viet Nam, rising sharply from the 45-47 per cent that was the norm earlier.

bizhub

MOST READ

NEWS SAME CATEGORY

Exchange rate under the control despite Fed rate hike
FINANCE Mar 23rd at 21:20

Exchange rate under the control despite Fed rate hike

After the Federal Reserve (Fed)’s move of increasing the key USD interest rate by 0.25 per cent up to a range of 0.75-1 per cent, the exchange rate on the domestic...

Banks struggle to raise capital
FINANCE Mar 23rd at 21:18

Banks struggle to raise capital

Not only the issues of human resources, bad debt, profit, dividends, but also the pressure of increasing capital to cater for updated standards in line with Basel...

SBV should offer failing banks to foreign investors
FINANCE Mar 23rd at 21:15

SBV should offer failing banks to foreign investors

The vigorous restructuring of “zero VND” banks whose capital is believed to have fallen far below the minimum requirement of VND3 trillion ($140.6 million) is the...

VAMC asks for five-fold increase in charter capital
FINANCE Mar 22nd at 15:24

VAMC asks for five-fold increase in charter capital

The Viet Nam Asset Management Company (VAMC) has proposed to raise its current charter capital from VND2 trillion (US$87.6 million) to VND10 trillion by 2020.

IFC gives US$80 million credit package to VPBank
FINANCE Mar 22nd at 15:22

IFC gives US$80 million credit package to VPBank

The International Finance Corporation (IFC), the private equity arm of World Bank group, has sanctioned an additional US$80 million credit package to Viet Nam...

Summit mulls financial inclusion for all
FINANCE Mar 22nd at 10:36

Summit mulls financial inclusion for all

More organizations are offering new financial products and services that are changing the form and nature of the market and are shaping the future of financial...

Central bank injects more money into market
FINANCE Mar 21st at 18:58

Central bank injects more money into market

State Bank of Viet Nam made a net cash injection of VND16 trillion (US$704.8 million) via open market operations in the past week to support liquidity of the...

SMEs can apply for loans until March-end
FINANCE Mar 21st at 18:56

SMEs can apply for loans until March-end

The Government’s Small and Medium Enterprise Development Foundation (SMEDF) will receive applications for the first stage of the programme on financial support for...

Vietnamese banks’ growth unsustainable
FINANCE Mar 21st at 11:06

Vietnamese banks’ growth unsustainable

Profits in 2016 showed that banks had good performance, but the growth in expenditures is higher than that of profit, which raised questions about the effectiveness...

OCB and Bac A Bank set up remittance companies
FINANCE Mar 21st at 10:51

OCB and Bac A Bank set up remittance companies

The State Bank of Viet Nam has approved plans by two additional commercial banks, OCB and Bac A Bank, to set up subsidiaries specialising in providing overseas...

Read More

Bank stocks

Insurance stocks

MOST READ

Back To Top