HCM City receives 1.45 billion USD of remittances in Q1
Ho Chi Minh City received 1.45 billion USD of overseas remittances in the first three months of this year, up 10 percent over the same period last year, reported the city Committee for Overseas Vietnamese Affairs.
Hanoi (VNA) – Ho Chi Minh City received 1.45 billion USD of overseas remittances in the first three months of this year, up 10 percent over the same period last year, reported the city Committee for Overseas Vietnamese Affairs.
The resource is not only provided funding for local production and business but also added to the city’s foreign reserves.
There are currently some 2 million residents in HCM City living overseas.
Last ye⛦ar🌊, the city received 6.1 billion USD in remittances, up 15 percent against 2019.
Illustrative image (Source: VNA)
The exchange rate between the VND and the US dollar has been stable in recent times, so recipients tend to sell them to credit institutions.
Several banks use remittance payment technology and offer services to change foreign currencies into VND for savings at a high interest rate.
Over recent years, remittances have come not only in the form of savings but also in securities, real estate, share purchases, or business establishment.
Banks have also enhanced the use of technology and offered promotions to attract more custꦜomers. For example, Sacombank has cooperated with partners in the US, Australia, Europe, Japan, and Taiwan (China), and adopted API technology allowing quick payments around the clock. Recipients can receive their remittances in no more ﷺthan a minute./.
The Party and State will double their efforts to provide better support and assistance for overseas Vietnamese (OVs) in the years to come, according to Deputy Foreign Minister Dang Minh Khoi.
The Ministry of Construction (MoC) believes the domestic real estate market has overcome the most difficult period due to positive developments in the market as well as the whole economy in the fourth quarter of 2020.
The Ho Chi Minh City Committee for Overseas Vietnamese (OV) Affairs must continue to perform well in implementing State management over OVs in the city, giving advice on caring for poor Vietnamese abroad and connecting city leaders and OVs, and strengthening communications on Party and State policies and laws among the community, a city leader has said.
Despite the impact of the COVID-19 pandemic, overseas remittances to Ho Chi Minh City reached a record high of 6.1 billion USD last year, up more than 15 percent from 2019, a city leader told a meeting on March 18.
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A view of HCM City (Photo: VNA)
Illustrative image (Source: VNA)
