Sunday , May 28 2023

HCMC sees surge in remittances

Remittances to Ho Chi Minh City increased by 19% year-on-year in the first quarter to over US$2.1 billion, according to the State Bank of Vietnam.

Money coming from elsewhere in Asia accounted for most of the increase since the continent has enjoyed higher economic growth than many other regions, said Nguyen Duc Lenh, deputy director of the central bank’s HCMC office.

Remittances from Asia rose by 84% and accounted for 43% of the total amount.

Remittances from the U.S., Africa and Oceania fell due to rising inflation and economic difficulties.

Before the Covid-19 outbreak, remittances to Vietnam’s biggest city were growing at 7-10% annually.

But they then fell in 2021 and 2022 due to the pandemic and the Russia-Ukraine crisis’ impact on the global economy.

Last year they had fallen by 6.7% to $6.6 billion.

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