Remittances up 21 pct for Vietnam's second city

TN News

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Ho Chi Minh City authorities said Monday that remittances to the city have topped US$4.6 billion so far this year, a 21 percent rise over last year.


The money comes mainly from the US, Europe, South Korea, Australia, and Southeast Asia, but remittances from China increased sharply in 2013, accounting for nearly 5 percent of the total, Saigon Times Daily reported.


The amount sent by overseas Vietnamese to their families accounts for the largest chunk while guest workers' remittances make up just a fifth, the newspaper quoted a State Bank of Vietnam official as saying.


Vietnam is expected to receive a record $10.6 billion this year, the ninth highest in the world, the World Bank said in a report.


This will mark a 6.5 percent increase from around $10 billion last year.


HCMC accounts for 40 percent of the country's total remittances on average, getting over $33 billion in the past 10 years.


There are more than four million Vietnamese living and working abroad.

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