Ho Chi Minh City

Remittance to HCMC reaches $2.45 billion in first six months

Ho Chi Minh City received a total remittance of around US$2.45 billion in the first six months of 2018, up nearly 20 percent compared to same period last year, according to reports by the Ho Chi Minh City branch of the State Bank of Vietnam on June 28.

Remittance to HCMC reaches $2.45 billion in first six months

Over 60 percent of Ho Chi Minh City-bound remittances come from the U.S., while Europe is the second-largest source, at over 19 percent.
As per the central bank, 72 percent of the remittances were spent on production and business, while 22 percent were poured into real estate sector and 6 percent on personal purposes. City residents used the money effectively for the city’s socioeconomic growth.
A leader of the central bank forecast that remittances in the year will have a year-on-year rise of 20 percent even when FED lifted interest rate from 1.75 percent and 2 percent and US-Vietnamese dong interest rate maintained zero percent.
Commercial banks in HCMC said many people exchange dollars into Vietnam dong for depositing proving that interest rate of Vietnam Dong is better than keeping dollar.

By HANH NHUNG – Translated by UYEN PHUONG

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