Remittances to Vietnam expand despite rise in USD price - News Summed Up

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Remittances to Vietnam expand despite rise in USD price


Remittances to Vietnam expand despite rise in USD priceRemittances to Vietnam have increased despite the rise in USD price against other currencies and the zero interest rate for foreign currency savings, factors experts said would impact remittance flow. In the first seven months of 2018, Ho Chi Minh City received 2.9 billion USD worth of remittances, 20 percent higher than the same period last year. The country’s macro economic and exchange rate stability means remitttances are converted into VND instead of retained in dollars. Banks pay zero interest on the greenback. Meanwhile, a savings interest rate of 7-8 percent in Vietnam means converting remittances into VND and depositing them is still highly profitable, he added.-VNA


Source: VietNamNet News August 21, 2018 03:56 UTC



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