Remittances to HCM City in Jan-Apr valued at 2 billion USD

Illustrative image (Photo: VNA)

Hanoi (VNA) – Remittances to Ho Chi Minh City hit 2 billion USD during January-April, up 11 percent against the same period last year.

The total amount this year is expected to be not lower than that of last year, 6.1 billion USD.

The remittances were mainly channeled to production and business, said Nguyen Hoang Minh, deputy director of the State Bank of Vietnam – HCM City branch.

The resource is not only provided funding for local production and business but also added to the city’s foreign reserves.

There are currently some 2 million residents in HCM City living overseas. They sent home 6.1 billion USD last year, up 15 percent year-on-year.

Meanwhile, Vietnamese abroad sent home a total of 17.2 billion USD worth of remittances, making the country the third-largest remittance recipient in the East Asia and Pacific region, according to the Migration and Development Brief released earlier this week by the World Bank and the Global Knowledge Partnership on Migration and Development./.

VNA