Ho Chi Minh city: Remittances reach USD1.4 billion in the first four months

Overseas remittances to Ho Chi Minh city in the first four months of 2015 reached USD1.4 billion, representing a year-on-year increase of 19.6 percent, said vice head of the State Bank of Vietnam's city branch, Mr Nguyen Hoang Minh.



According to a recent research on remittance in Vietnam by Central Institute for Economic Management, in the last four years, the nation witnessed a non-stop stream of remittance, reaching USD9 billion in 2011, USD10 billion in 2012, USD11 billion in 2013 and USD12 billion last year.

From 1993 to 2014, the remittances to Vietnam reached USD96.66 billion with a yearly average of USD4.4 billion, accounting for 6.8 percent of the nation's Gross Domestic Product.

This year’s traditional lunar new year fell in the middle of February, thus the first quarter was the peak time for remittance instead of the usual fourth quarter peak.

For Ho Chi Minh city only, remittances have grown at an average annual rate of 8-10 percent. It is forecast to see around USD5.3-5.5 billion this year. In 2014, about USD5 billion was transferred to Vietnam through the city. This capital made a significant shift towards the manufacturing and production sectors, instead of real estate, securities and deposits as would be the norm.

The interest rate of foreign currencies is now lower than domestic currency, so there is a new trend of moving from foreign currencies to Vietnamese dong. This reality also eases the pain for USD/VND interest rate while the USD continues to strengthen./.



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