HCM City remittances top $2.9 Bn

According to the State Bank of Vietnam, HCM City branch, remittances to Ho Chi Minh City in August rose by 14% compared with July and mainly came from the US and Europe. Most remittances received were used in production, business, investment rather than for savings, real estate or stocks, as previously

Remittances often depend on macro-economic conditions, overseas workers and remittances services. Remittances to HCM City have increased by an average 10-12% per year over the past five years. With the rapid recovery of HCM City’s economy compared with the national average, it is forecasted that remittances to HCM City this year will continue to be positive, reaching about $5.8 billion.