overseas remittances to hcm city reach us 4.78 billion in nine months picture 1

This is an impressive figure amid global economic recession and high inflation coupled with the negative impact of the COVID-19 pandemic, the bank said.

Despite a slight decline year on year, remittances secured consecutive positive growth through each quarter, making great contributions to domestic investment, production, and consumption.

During a period of strong economic recovery, this source of capital plays an important role in boosting local socio-economic development, helping to stabilize the forex market and attract foreign direct investment into the city.

Last year witnessed remittances to the city stand at US$6.6 billion, accounting for more than half of the national volume which reached around US$12.5 billion.

Source: VOV