Remittances to HCM City hit US$3.3 billion

VOV.VN - Foreign remittances to Ho Chi Minh City reached US$3.375 billion in nine months up to October, up 12.5% against August and 6% over the same period last year, according to the State Bank of Vietnam’s HCM City branch.

remittances to hcm city hit us$3.3 billion hinh 0
In this development trend, the branch forecast that remittances to the city may hit US$5.7-5.8 billion this year.

In the first eight months of this year, overseas Vietnamese around the world sent to their relatives in the city around US$3 billion, up 5% over the corresponding period last year.

Increasing foreign remittances is a factor that keeps the exchange rate stable in recent times. At most commercial banks, the daily exchange rate for VND/US$ has been at VND22,695 (buying rate) and VND22,765 per US (selling rate) for several months.

Thanks to a stable exchange rate, recipients of remittances prefer depositing them at banks in Vietnam Dong or investing in production.

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