Rise in guest workers drives leap in HCM City remittances
(VOV) - The total overseas remittances that Ho Chi Minh City will receive in 2015 is likely to jump 10% over last year to US$5.5 billion, according to a report of the Municipal People’s Committee.
There is a strong correlation between the increase in the number of HCM City residents living and working abroad with remittances, the report concluded.
Currently, there is an all-time high of 4.5 million residents residing in more than 100 countries around the globe, the report noted, with a record high half million guest workers working in Malaysia, Japan, Taiwan, and the Republic of Korea.
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Citing statistics from the Central Institute of Economic Management (CIEM), the report said overseas remittances to the city have grown more than 38% in the 24-year period 1991 to 2014.