September 07, 2017 | 21:25 (GMT+7)
Overseas remittances to Ho Chi Minh City reach USD 3 billion
Overseas remittances to Ho Chi Minh City through official channels in the first eight months of 2017 were estimated at USD 3 billion, a year-on-year increase of 5 percent, sourced mostly from the US and Europe.
Experts attributed the increase to the strong development of the city’s economy, while predicting the figure will continue growing in the rest of this year.
Outstanding credit in the city exceeded VND 1.6 quadrillion (USD 70.4 billion), up 19.8 percent against the same period last year.
According to Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh, remittances and credit mostly flowed into production and business activities.
Overseas remittances to Ho Chi Minh City were USD 5 billion in 2016. The amount accounted for 57-58 percent of the national figure, a year-on-year increase of about 11 percent.
Source: VNA