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

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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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. 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....

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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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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