Vietnam Daily News

Inward remittances to HCM City estimated at $5b in 2011

Written by Dailynews.vn Monday, 12 December 2011 17:17

The total amount of inward remittances transferred to HCM City this year is forecast at $5 billion, rising 10 percent from 2010 and accounting for nearly two third of the total amount of inward remittances sent to Vietnam this year, the local newspaper Thoi Bao Ngan Hang cited data from the State Bank of Vietnam (SBV)'s HCM City branch. According to the newspaper Thoi Bao Ngan Hang, the total volume of inward remittances sent to HCM City are mainly from overseas Vietnamese people in the US, Australia and Canada. A leader of HCM City Department of Labour, War Invalids and Social Affairs said that the city mainly sent labourers to work in foreign countries such as Korea, Malaysia and Taiwan (China). Earlier, the World Bank (WB) forecasted the total amount of inward remittances sent to Vietnam this year may reach a record of $9 billion.

Source: www.intellasia.net/news/articles/finance/111350520.shtml