Posted by Danny Lee in News (Saturday December 13, 2008 at 8:25 pm)
Despite the negative impacts of the global economic crisis, remittances from overseas to HCM City this year have increased steadily. In the past 11 months, they have reached US$4.5 billion, said Ho Huu Hanh, director of the State Bank of Vietnam’s HCM City branch.
The $4.5 billion was sent through the banking system, and the World Bank estimates Viet Nam will receive $5.5 billion by the end of the year.
Hanh attributed the increased inflow to the fact that the interest rate for US dollars held in Vietnamese banks is higher than in the US. Read more
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