Remittances to HCM City surge high
Remittances from overseas Vietnamese to HCM City for the first
half of this year are estimated to hit US$2.6 billion, 18.2% higher than
the level recorded during last year’s period.
State Bank of Vietnam (SBV) HCMC branch Deputy Director Nguyen Hoang Minh attributed the recovery of the property market to a slight increase in remittances poured into in the sector.
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According to statistics of HCM City branch, over the past five months, remittances to the real estate market accounted for 21.8% of total amount, up 0.9% compared to late last year while 71.7 % of remittances went to production and business and the remaining volume was sent to relatives.
Minh forecast that this year remittances to the city are likely to reach around US$5.3 – US$5.5 billion, higher than last year’s figure of US$5 billion.
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