Analyses & Etudes

Remittances to HCM City reach 5 billion USD in 2016

Remittances to Ho Chi Minh City reached five billion USD in 2016, said Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh on January 10.

The amount accounts for 57-58 percent of the national figure, a year-on-year increase of about 11 percent.
The flow of remittances to the city in the year slowed down and fell short of expectations due to US president-elect President Donald Trump’s expected domestic economy policies and the enhanced value of the US dollar.
Additionally, the Federal Reserve raised its interest rate late in 2016, and plans to do the same three more times in 2017, which will boost the dollar.
Of the remittances to the city, 72 percent were invested in production, 21.8 percent in real estate, and 6.2 percent to support families.
The city also recorded a year-on-year increase of five percent of remittances withdrawn in VND, according to Minh.

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