Big drop in overseas remittances to HCM City

Overseas remittances to HCM City in the first six months of this year are estimated at US$1.9 billion, down by almost $500 million against the same period last year.

According to the State Bank of Viet Nam's branch in the city, the amount of remittances via credit institutions saw a relatively strong fall while the money sent through economic institutions experienced an increase.

Experts attributed the decline to the global economic downturn, the ‘frozen' real estate market and the government's policy to control the US dollar ceiling interest rate.

The remittances mainly come from the US, European nations, Australia and Canada along with Viet Nam's labour export markets, including Taiwan, South Korea and Japan

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