Overseas remittances to HCM City reach US$5 billion in 2018

Mr Phong made the statement during an online conference by the Ministry of Planning and Investment in Hanoi on January 16 to review its activities in 2018 and plan for the year ahead in 2019. He noted that the remittances that HCM City received in 2018 were nearly equal to 2017’s figure of US$5.2 billion.

Mr Phong said 70 per cent of overseas remittances to HCM City have largely been put into production and business activities, adding that the city will be able to attract capital sources that have not come from the state budget to help develop the infrastructure system over the coming years.

The city is building a program to support more than 6,000 businesses capitalised at more than VND100 billion and shift public investment projects into investment stimulus programs, which are expected to save about VND47 trillion for the state budget.

Mr Phong said 81 construction works and major projects have been completed in HCM City, noting that the city plans to set up a Project Development Fund and a Viability Gap Fund in 2019.