News about remittances

Remittances to Ho Chi Minh City reached over USD 6.87 billion in the first 9 months, down 14% year on year. The third quarter brought in over USD 2.8 billion, up more than USD 800 million from the previous quarter after two quarters of declines of 17% and 28%. Asia accounted for 59% (nearly USD 1.68 billion) and the Americas for 26% (USD 749 million), while 78% of funds were transferred through economic organizations. The State Bank of Vietnam's Regional Branch 2 credits the rebound mainly to Asia, including the South Korean won's gain against the USD and year-end demand, but forecasts full-year inflows of USD 9.5-9.8 billion, below last year's USD 10.3 billion, citing slow global growth, a strong USD and tighter immigration policies in some countries.