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Home / Economy / Banking & Finance
HCM city remittances hit US$3.12 billion
09:35, 2014/09/27
Overseas remittances to Ho Chi Minh City are estimated at US$3.12 billion during the first nine months of 2014, a year-on-year increase of 11.6%, according to the State Bank of Vietnam’s HCM City branch.
The head of the branch Nguyen Hoang Minh said that the total value represents an increase of 4.7% compared to the same period last year.
 
 
Remittances funnelled into production and real estate projects have kept increasing, accounting for 74% of the total sum injected into business and 22% into the property market, he said.
HCM City is expected to receive US$5 billion in overseas remittances by the end of this year, he predicted.
Minh also revealed remittances channelled through HCM City-based banks account for 40-50% of the country’s total.
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