Inbound remittances to Ho Chi Minh City in the nine months through September reached $3.3 billion, increasing 12.5% from a month earlier and 6% from the same period last year, the State Bank of Vietnam’s municipal branch said.
The United States continues to be the largest source from which 60% of the remittances to the city come, followed by Europe with 19%, according to the municipal banking authority. These rates have not varied over the past three months.
Since the start of this year, remittance inflows in the city have been stable and risen gradually. Overseas Vietnam send their relatives in the city between $375 million and $400 million per month.
“Should there be no drastic changes, remittances to Ho Chi Minh City will likely total $5.7 billion this year,” said the central bank’s municipal office.
It noted that remittance recipients have invested most of the money in production and business, instead of putting into savings, personal spending or investing in real estate and securities like before.
In addition, stable macroeconomic fundamentals and subdued psychologically-driven upward pressure on the USD/VND rate have made recipients shift to holding the Vietnamese dong, the authority said.
Remittance is among the largest sources of foreign exchange in Vietnam, besides foreign direct investment, official development assistance, and foreign loans.
Vietnam received around $9 billion in remittances last year, of which $5 billion corresponded to Ho Chi Minh City.
In the first nine months of this year, actual foreign direct investment in the country increased 13.4% year-on-year to $12.5 billion.
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Cùng dòng sự kiện
Từ khóa: Ho Chi Minh City, FDI, ODA, Vietnam