Remittances to HCM City reach nearly US$1.8 billion in Q1
Remittances to Ho Chi Minh City in the first quarter of this year reached nearly US$1.8 billion, according to the State Bank of Vietnam’s branch in the city.
The volume showed a 14.2% increase compared to the same period last year.
Those are impressive figures in the context of complex changes in the world situation and the negative impact of the COVID-19 pandemic on global trade and economic activities.
Foreign remittances account for around 12% of HCM City’s GRDP, becoming an important resource for socio-economic development in not only the city but also the country as a whole.
Last year, remittances to the city came to a record high of US$7.1 billion, accounting for more than half of the national volume.