Overseas remittances to HCM City reach US$4.78 billion in nine months
VOV.VN - The flow of overseas remittances to Ho Chi Minh City stood at an estimated US$4.78 billion during the opening nine months of the year, equal to 68% of the amount recorded in 2021, the State Bank of Vietnam’s branch in the southern city has reported.
This is an impressive figure amid global economic recession and high inflation coupled with the negative impact of the COVID-19 pandemic, the bank said.
Despite a slight decline year on year, remittances secured consecutive positive growth through each quarter, making great contributions to domestic investment, production, and consumption.
During a period of strong economic recovery, this source of capital plays an important role in boosting local socio-economic development, helping to stabilize the forex market and attract foreign direct investment into the city.
Last year witnessed remittances to the city stand at US$6.6 billion, accounting for more than half of the national volume which reached around US$12.5 billion.