HCM City rakes in $2.9 bln in overseas remittances from Jan-Aug

By Le Chi   August 31, 2016 | 05:11 pm GMT+7

That figure is expected to rise to $5.8 billion for the year.

Ho Chi Minh City has received $2.85 billion in overseas remittances so far this year, up about 6 percent from the same period last year, said the central bank on Wednesday.

Remittances from overseas Vietnamese in August increased by 14 percent from July, said Nguyen Hoang Minh, deputy head of the city's State Bank of Vietnam branch.

He added that overseas remittances have been diverted from real estate, the stock exchange and bank savings to the manufacturing and business sectors.

Statistics show that over the last five years, overseas remittances to Ho Chi Minh City alone have increased by an average of 10 – 12 percent.

With Ho Chi Minh City making a quicker recovery than other cities, foreign exchange supplies are also expected to be boosted from rising foreign direct investment and investment in equity, Minh added.

He estimated the city will receive about $5.8 billion in overseas remittances this year.

Remittances from overseas Vietnamese remain a key source of funding for the country's economy, equivalent to about 8- 10 percent of gross domestic product.

More than half of the capital comes from the United States which had 1.5 million citizens of Vietnamese origin in 2010.

Vietnam recorded $12.25 billion in overseas remittances last year, slightly up from $12 billion in 2014, according to data released by the central bank.

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