HCM City receives 6.8 billion USD of remittances so far

The amount of remittances flowing to Ho Chi Minh City has continued to increase despite complicated geopolitical changes in the world, reaching about 6.8 billion USD so far, according to Nguyen Duc Lenh, Vice Director of the Ho Chi Minh branch of the State Bank of Vietnam (SBV).

Lenh commented that although the amount is lower than that of last year, it is still a good result.

The figure is expected to surge in the rest of the year and on the thresholds of the Lunar New Year (Tet) festival, he held, adding that this is an important resource supporting the socio-economic development of the city and the stability of the foreign currency supply in the city and the country.

He noted that over the years, HCM City has been a leading locality in remittance inflows, with about 6.5-6.6 billion USD in 2021, up 9% year on year despite the COVID-19 pandemic. In the year, the whole country received about 12.5 billion USD. To prepare for the peak season of receiving remittances at year-end, many local banks have launched various promotion programmes to attract more money.