Remittances to HCM City hit US$1.4 billion in four months
(VOV) - Vietnamese living abroad remitted around US$1.4 billion to HCM City in the first four months this year, 19.6% higher than last year’s same period.
Deputy Director of the State Bank of Vietnam, HCMC branch, Nguyen Hoang Minh attributed the increase to the peak remittance season falling in mid-February. As usual, the Lunar New Year - the peak remittance season – is often in the fourth quarter of the previous year.
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Foreign remittances sending to HCM City in recent years saw a growth of 8-10% annually. Minh forecast that this year they are likely to hit around US$5.3 billion – US$5.5 billion.
According to the Central Institute for Economic Management (CIEM), foreign remittances to Vietnam rose constantly over the last 4 years, from US$9 billion in 2011 to US$10 billion in 2012, US$11 billion in 2013 and US$12 billion in 2014.