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Remittances to HCM City reach nearly 1.8 billion USD in Q1

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.
Remittances to HCM City reach nearly 1.8 billion USD in Q1 ảnh 1Illustrative 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
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