Remittances to HCM City reach 5 billion USD in 2016
Remittances to Ho Chi Minh City reached five billion USD in 2016, said Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Hoang Minh on January 10.
HCM City (VNA) - Remittances to Ho Chi Minh City reached five billion USD in2016, said Deputy Director of the State Bank of Vietnam’s Ho Chi Minh Citybranch Nguyen Hoang Minh on January 10.
The amount accounts for 57-58 percent of the nationalfigure, a year-on-year increase of about 11 percent.
The flow of remittancesto the city in the year slowed down and fell short of expectations due to USpresident-elect President Donald Trump’s expected domestic economy policies andthe enhanced value of the US dollar.
Additionally,the Federal Reserve raised its interest rate late in 2016, and plans to do thesame three more times in 2017, which will boost the dollar.
Of theremittances to the city, 72 percent were invested in production, 21.8 percentin real estate, and 6.2 percent to support families.
The city alsorecorded a year-on-year increase of five percent of remittances withdrawn inVND, according to Minh.-VNA
Ho Chi Minh City attracts the largest amount of overseas remittances among all cities and provinces in Vietnam, and it is working on how to optimise this source of capital.
Expatriates showed their high determination to work with HCM City's authorities and people in turning the city into a major centre of economics, trade, science and technology in Southeast Asia.
Remittances into Ho Chi Minh City have shown signs of slowing down and is estimated to reach five billion USD this year, 11 percent short of the year’s expectation.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative image (Photo: VNA) 
