Remittances to HCM City reach nearly 1.8 billion USD in Q1

Illustrative image (Source: VNA)

Hanoi (VNA) – Remittances to Ho Chi Minh City in the first quarter of this year reached nearly 1.8 billion USD, according to the State Bank of Vietnam’s branch in the city.

The volume showed a 14.2 percent 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 percent 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 7.1 billion USD, accounting for more than half of the national volume./.

VNA