Overseas remittances to HCM City up 11%
(VOV) -Overseas remittances to HCM City-based banks grew by 11.6% in the first nine months of the year to US$3.12 billion, according to the State Bank of Vietnam’s HCM City branch.
The total value represents an increase of 4.7%compared to the end of 2013, said Nguyen Hoang Minh, head of the branch.
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He said on September 26 that remittances funnelled into production and real estate projects have kept increasing, with 74% of the total sum injected into business and 22% into the property market.
Minh revealed remittances channelled through HCM City-based banks account for 40-50% of the country’s total.
HCM City is likely to receive US$5 billion in overseas remittances by the end of this year, he predicted.