03/12/2014 | 16:51:37

HCM City remittances hit 4.4 billion USD

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

Overseas Vietnamese's remittances via commercial banks and economic organisations in Ho Chi Minh City in the first 11 months of the year was estimated at 4.4 billion USD, according to the HCM City branch of the State bank of Vietnam (SBV).

Total overseas Vietnamese's remittances in 2014 will exceed 5 billion USD, compared with 4.8 billion USD 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 Vietnam would remain one of the top 10 remittance countries worldwide.

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

Remittances into Vietnam have increased about 22.4 percent annually in the past two decades, with an exception in 1997 and 2009 when economies in the world faced financial crisis.-VNA

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