Overseas remittances to HCM City rise sharply

VOV.VN - Vietnamese overseas remittances to Ho Chi Minh City reached more than US$2.1 billion in the first quarter this year, up 19.41% year on year, amid economic difficulty, Tuoi Tre (Youth) newspaper reported.

The remittances from Asia accounted for 43% of the total thanks to the continent’s steady economic growth, said Nguyen Duc Lenh, deputy director of the State Bank of Vietnam, Ho Chi Minh City branch.

Meanwhile, the remittances from other regions such as the Americas, Africa, and Oceania, decreased due to economic difficulty and rising inflation.

According to the World Bank, remittances to Vietnam last year amounted to nearly US$19 billion, a year-on-year rise of 5%, making Vietnam among the top 10 remittance recipients in the world.

Of last year’s figure, US$6.6 billion was channeled into Ho Chi Minh City.

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