Overseas National Currency Exchange in the city expected to increase 10% this year to $5.5 billion.
The amount of Overseas National Currency Exchange (ONCE) in Ho Chi Minh City is expected to reach $5.5 billion this year, up by around 10 per cent compared to the same period last year, according to the Government Portal.
The figure in Ho Chi Minh City has increased constantly over recent years, from $4.1 billion in 2012 to the expected $5.5 billion this year.
In the first eight months of this year overseas remittances to the city were $2.75 billion, an increase of a significant 14 per cent over the same period last year.
The Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City Branch, Mr. Nguyen Hoang Minh, told local media that a positive point is that the ONCE figure that people receive and sell to commercial banks has also increased steadily over the years. About 30 per cent of the total was sold to banks.
The exchange rate was adjusted in August and the value of the USD against the VND has increased 5 per cent since the beginning of the year. Vietnam also receives a great deal of investment so foreign currencies from overseas are likely to increase in the remaining months of the year.