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 ofthis year reached nearly 1.8 billion USD, according to the State Bank ofVietnam’s branch in the city.

The volume showed a 14.2 percent increase compared to the same period lastyear.

Those are impressive figures in the context of complex changes in the worldsituation and the negative impact of the COVID-19 pandemic on global trade andeconomic activities.

Foreign remittances account for around 12 percent of HCM City’s GRDP, becomingan important resource for socio-economic development in not only the city but alsothe 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