Remittances to HCMC rise in Jan-Aug
Remittances to HCMC rise in Jan-Aug
Remittances sent to HCMC totaled US$3.45 billion in the January-August period, up 8% over the same period last year, according to the HCMC branch of the State Bank of Vietnam.
Nguyen Hoang Minh, deputy director of the SBV's HCMC branch, was cited by Nguoi Lao Dong newspaper as saying that although the ongoing U.S.-China trade war has affected the global financial market, remittances sent to Vietnam from the United States, Australia, Canada, France and South Korea in the eight-month period reported an increase.
Last year, overseas Vietnamese sent home nearly US$16 billion. Of the total, HCMC received US$5 billion.
Remittances have been mainly sent to Vietnam through commercial banks. To better serve customers, many banks have cooperated with money transfer service providers.
HCMC Development Joint Stock Commercial Bank, for example, has signed an agreement with MoneyGram to provide home remittance delivery services.
Leaders of many local commercial banks said remittances sent to Vietnam are mainly used for family support, not for investment.
