Remittances to HCM City hit nearly 2.5 bln USD in first half of 2018
Remittance inflows to the southern largest economic hub of Ho Chi Minh City in the first six months of 2018 was estimated to reach 2.45 billion USD, up nearly 20 percent from the same period last year, Sai Gon Giai phong reported.
HCM City (VNA) - Remittance inflows to the southernlargest economic hub of Ho Chi Minh City in the first six months of 2018 wasestimated to reach 2.45 billion USD, up nearly 20 percent from the same periodlast year, Sai Gon Giai phong reported.
According to the State Bank of Vietnam’s HCMCity branch, the remittance flows were mainly from the US (60 percent) andEurope (19 percent).
As many as 72 percent of the remittances was invested inproduction and business, while only 22 percent was poured into real estate and 6percent for personal consumption, the agency said.
The local authority has effectively used the resources for its socio-economicdevelopment, it added.
The agency forecast that the remittance to HCM City in 2018 would surge about20 percent compared to the previous year though the US Federal Reserveincreased interest rates for the second time in 2018 to between 1.75 percentand 2 percent per year, and Vietnam is applying interest rates on USD savingsat zero percent.
Many commercial banks said those who receive remittances have converted theirforeign currency to VND for savings because they found that savings in VND wasmore profitable than keeping USD.
In recent years, remittances to HCM City hasincreased by an average of 8 to 10 percent per year.-VNA
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