Monday , May 27 2024

Remittances to HCMC rise sharply as countries reopen post-Covid

Remittances to Ho Chi Minh City surged 35% to US$9 billion this year.

The sharp rise was due to more Vietnamese working overseas after many countries eased immigration policies to source workers post-Covid, according to the State Bank of Vietnam’s HCMC branch.

Remittances are likely to rise by 20% next year as global economies recover, it said.

City deputy chairman Vo Van Hoan said there has been great focus on trade promotion, attracting investment and conversing with the foreign business community this year.

The rise in remittances would help the city grow as a financial center, he added.

HCMC has often accounted for half of all remittances coming to the country.

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