Remittances to HCMC surge in Jan-Sep
Remittances to HCMC surge in Jan-Sep
Remittances to HCMC in January-September grew 7% year-on-year to reach some US$3.8 billion, said Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s HCMC branch.
The figure is expected to increase to US$5 billion by the end of this year.
Remittances to HCMC have risen by 8%-10% annually in recent years. Year-to-date, the number of remittances to the city has increased steadily, Minh added.
According to a report by the Ministry of Planning and Investment on its performance last year and plans for this year, remittances from the United States accounted for 55% of the total sent to Vietnam, followed by Australia, Canada, France, Germany and South Korea.
Overseas Vietnamese and workers abroad sent the most remittances. Of which, overseas Vietnamese in the United States, Canada, Germany and France contributed 80%-90% of the total remittances.
Meanwhile, the remittances sent by workers abroad made up only 6%-7% of the total, but the value has increased sharply as the number of local workers travelling to other countries, such as Japan and South Korea, has surged.
