Remittances to HCM City total US$6.6 billion last year

Remittances to Ho Chi Minh City reached around US$6.6 billion in 2021, up 9% from the previous year, according to Nguyen Hoang Minh, head of the Vietnam Banks Association’s Office in HCM City.

The money flow has not only supported the city’s economic development but also contributed to stabilising the supply of foreign currency in the city and Vietnam in general.

Data from the State Bank of Vietnam shows that remittances to Vietnam surged about 10% last year to total US$12.5 billion, 70% of which was sent via credit institutions, 28% through remittance services providers and 2% through postal services.