HCM City receives robust remittances in 2015
(VOV) - Overseas Vietnamese (OVs) remittances to the homeland have steadily risen by roughly US$1 billion annually over the past few years and the trend is forecast to continue into the foreseeable future, reports Vietnam News' BizHub.
Year-to-date through November total OVs remittances sent back to Vietnam are estimated at US$12.5 billion, with the largest portion of US$5.5 billion flowing into the nations southern hub of Ho Chi Minh City.
“The government's new policies encouraging OVs to assist in the doi moi (renovation) have helped to spark the higher remittance levels,” said Deputy Director Nguyen Hoang Minh of the State Bank of Vietnam's Ho Chi Minh City branch.
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He said the booming real estate market in Ho Chi Minh City has been one of the key selling points in nurturing collections from both the traditional markets of Canada, the United States and Australia as well as the non-traditional markets.
Meanwhile the State Committee for Overseas Vietnamese Affairs reports nearly 5 million Vietnamese reside in 103 countries around the globe and there is a strong correlation between the higher numbers of OVs and remittances.