Remittances
to HCM City reach $4.55 billion
Remittance inflows to HCM City in the 11 months of this year reached US$4.55
billion, Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam’s HCM City
branch, said.
According
to Minh, the US, Australia and Canada remain the largest sources
of remittances to the city. Money sent by Vietnamese workers in China, Japan,
South Korea and Southeast Asian countries have increased, but by
insignificant amounts.
As
much as 72 per cent of the money sent from abroad has been poured into
production and business, 22 per cent into real estate and 6 per cent has been
spent on personal items, Minh said.
Minh
estimated that remittances to HCM
City will likely reach
$5.2 billion in 2017, up 4.5 per cent from last year. The amount is slightly
down from Minh’s own prediction few months ago. In October, Minh projected
that remittances to the city, which normally accounts for around a half of
remittances to Viet Nam
annually, could reach $5.7 billion this year.
Experts
attributed the projected decrease of the city’s overseas remittances by the
end of the year mainly to pressure from the US Federal Reserve System’s (Fed)
policy to hike interest rate the next time. This will affect the supply of
remittances from the US,
which accounts for the majority of total overseas remittances into Viet Nam.
Overseas
remittances into Viet Nam have been constantly increasing since 2010 and
reached a record high of $13.2 billion in 2015, but then decreased by 33 per
cent in 2016.
However,
not only Viet Nam,
but several other developing countries have also witnessed a decline in
overseas remittances. According to the latest report of the Word Bank, India had the
highest overseas remittance inflows in 2015, but these inflows were reduced
by 5 per cent in 2016. Similarly, Bangladesh,
Pakistan and Sri Lanka
also reported a decline in overseas remittances of 3.5, 5.1 and 1.6 per cent,
respectively.
VNS
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