Remittances to HCMC reach nearly US$1.8 bln in first three months of 2022

SGGP 01/05/2022 09:20

The State Bank of Vietnam– Ho Chi Minh City Branch informed that remittances flowing into Ho Chi Minh City through credit institutions reached US$1.775 billion in the first three months of 2020, an increase of 14.2 percent over the same period last year in the context of a complicated geopolitical world which has influenced in economic and commercial activities in the world.

The continuous surge in remittances to Vietnam generally and to Ho Chi Minh City particularly, notably HCMC received a record US$7.1 billion of remittances in 2021, accounting for more than half of the country's total remittances under huge impacts of the Covid-19 pandemic wave was thanks to concerns of overseas Vietnamese towards the motherland as well as a convenient remittance payment system and policies.

Currently, the value of remittances accounts for about 12 percent of the gross regional product (GRDP) of Ho Chi Minh City, contributing to the socio-economic development of the country in general and HCMC in particular.

By Nhung Nguyen- Translated by Huyen Huong