Việt Nam remittances top $11 billion, half go to Hồ Chí Minh City

Việt Nam received a remittance flood of US$11 billion in 2013, and 50 percent of the sum was dedicated to recipients in Hồ Chí Minh City.

With Vietnamese people living overseas and guest workers from 101 countries and territories sending home $11 billion last year, Việt Nam ranks ninth in the top ten countries receiving the largest amounts of remittance in 2013, according to the World Bank.

The money transferred via banks in Hồ Chí Minh City topped $4.8 billion, up 21 percent from 2012, the city’s chairman Lê Hoàng Quân said during a meeting on Tuesday.

Quân said the remittances sent to Hồ Chí Minh City account for 50 percent of the country’s full figures.

RemittancesA woman receives her remittances at a Đông Á Money Transfer transaction office in Hồ Chí Minh City  

The meeting was held to celebrate the Lunar New Year, with the participation of more than 700 overseas Vietnamese citizens and many of the city’s top leaders.

The chairman also said overseas Vietnamese citizens have invested more than $260 million into 122 projects in Vietnam in 2013.

Some 4 million Vietnamese, including around 400,000 guest workers, are living and working in 101 countries and territories around the world.

While the US and the EU are the traditional sources of remittance for Việt Nam, last year saw an increase in inward remittances from China and the Republic of Korea, Nguyễn Hoàng Minh, deputy director of the Hồ Chí Minh City branch of the State Bank of Việt Nam, said in a statement in November 2013.

Source: Tuổi Trẻ News

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