HCMC witnesses a rise of incoming remittances by 22.34% in Q1&2

Within the first half of 2021, HCM City recorded the total of remittances value of US$3.2 billion. — Photo baodautu.vn

HCM CITY — Remittances to HCM City surpassed US$3.2 billion in the first half of the year, representing a 22.34 percent year-on-year rise.

Nguyễn Hoàng Minh, deputy director of the State Bank of Vietnam's HCM City branch, said the rise was outstanding despite the challenges presented by the COVID-19 epidemic.

According to him, the remittances went mostly into manufacturing and other enterprises, ensuring that there was no instability in foreign currency availability.

This year, the city is anticipated to receive around $6.5 billion in remittances.

They have been increasing for many years, and the city accounts for half of the country's remittances.

Around two million HCM City residents live overseas, and they remitted home US$6.1 billion last year, a 15% increase from the previous year before the epidemic.

Banks have been investing in improving remittance services as well as implementing promotional programs to recruit more of them.

Last year, Viet Nam received $17.2 billion in remittances, ranking third in East Asia and the Pacific. They have increased at a rate of 6% each year on average.