City remittances hit $4.4b

December 03, 2014 | 15:49

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Overseas Vietnamese's remittances via commercial banks and economic organisations in HCM City in the first 11 months of the year was estimated at US$4.4 billion, according to the HCM City branch of the State bank of Viet Nam (SBV).

Total overseas Vietnamese's remittances in 2014 will exceed $5 billion, compared with $4.8 billion last year.- Photo vietstock.vn

Total overseas Vietnamese's remittances in 2014 will exceed $5 billion, compared with $4.8 billion last year.

An official at SBV's HCM City branch said the ratio of remittances invested in business and the real estate sector was higher than of the previous years.

Vietinbank said this year Viet Nam would remain one of the top 10 remittance countries worldwide.

Between 1993 and 2014, Viet Nam received total remittances of about $96.66 billion, with an average remittance of $4.4 billion per year, accounting for 6.8 per cent of the country's gross domestic product (GDP) over the period.

Remittances into Viet Nam have increased about 22.4 per cent annually in the past two decades, with an exception in 1997 and 2009 when economies in the world faced financial crisis.

VNS

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