In the third quarter 2010, the volume of remittances to Vietnam through commercial banks in HCM City was estimated at over US$604 million, according to statistics of the State Bank of Vietnam – HCM City Branch.
In the first 9 months of this year, sources of remittances through commercial banks in the area reached more than US$1.773 billion, higher than the previous year of ($1.688 billion).
Also, the amount of remittances to Vietnam through an economic organizations (overseas remittance companies) in HCM City in the third quarter 2010 reached than $400 million, bringing in the first 9 months of this year to more than US$1.270 billion, nearly equal to that of the previous year (of US$1.53 billion).
In total, during the first nine months of this year, the volume of remittances to Vietnam through commercial banks and other economic organizations in HCM City reached more than US$3.043 billion, increasing 17.94% compared to last year's levels and almost a year ago (US$ 3.148 billion).
According to Nguyen Hoang Minh, deputy director of SBV HCM City branch, one of the reasons contributing to boosting the amount of remittances to Vietnam in first 9 months is signs of the world economic recovery.
“Besides, the strong development of networks and service quality of commercial banks, and remittance payment service organizations are also factors contributing to increase remittances in the country this year,” said Minh.
It is expected this year, the volume of remittances to Vietnam through commercial banks as well as economic organizations in HCM City will increase by 20% compared to 2009.
The SBV – HCM City Branch forecasts that overseas remittances to Vietnam in the fourth quarter will increase from the two previous quarters, because Vietnamese Overseas (Viet Kieu) often need to send money to relatives on the occasion of the end of the year.
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