Ho Chi Minh City receives $3.12 billion remittances in 9 months

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K422X0A2F2Overseas remittances to Vietnam’s southern economic hub Ho Chi Minh City hit $3.12 billion in the first nine months of this year, up 11. 6 per cent year on year, according to the State Bank of Vietnam.

The total value represents an increase of 4.7 per cent compared to the end of 2013, Nguyen Hoang Minh, head of the Ho Chi Minh City branch of the bank, told local media.

Remittances funneled into production and real estate projects have kept increasing, with 74 per cent of the total sum injected into business and 22 per cent into the property market.

Overseas remittances channeled through Ho Chi Minh City-based banks normally account for 40-50 per cent of the country’s total.

Vietnam expects to receive $11 billion in overseas remittances by the end of this year, of which Ho Chi Minh City is likely to receive $5 billion, more than last year’s $3.8 billion, said the bank official.

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Reading Time: 1 minute

Overseas remittances to Vietnam’s southern economic hub Ho Chi Minh City hit $3.12 billion in the first nine months of this year, up 11. 6 per cent year on year, according to the State Bank of Vietnam.

Reading Time: 1 minute

K422X0A2F2Overseas remittances to Vietnam’s southern economic hub Ho Chi Minh City hit $3.12 billion in the first nine months of this year, up 11. 6 per cent year on year, according to the State Bank of Vietnam.

The total value represents an increase of 4.7 per cent compared to the end of 2013, Nguyen Hoang Minh, head of the Ho Chi Minh City branch of the bank, told local media.

Remittances funneled into production and real estate projects have kept increasing, with 74 per cent of the total sum injected into business and 22 per cent into the property market.

Overseas remittances channeled through Ho Chi Minh City-based banks normally account for 40-50 per cent of the country’s total.

Vietnam expects to receive $11 billion in overseas remittances by the end of this year, of which Ho Chi Minh City is likely to receive $5 billion, more than last year’s $3.8 billion, said the bank official.

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