![overseas remittances to hcm city reach us 4.78 billion in nine months picture 1 overseas remittances to hcm city reach us 4.78 billion in nine months picture 1](https://static-images.vnncdn.net/files/publish/2022/10/25/overseas-remittances-to-hcm-city-reach-us478-billion-in-nine-months-ff4e956400b7469da5b55db40b229132.jpg)
![overseas remittances to hcm city reach us 4.78 billion in nine months picture 1 overseas remittances to hcm city reach us 4.78 billion in nine months picture 1](https://static-images.vnncdn.net/files/publish/2022/10/25/overseas-remittances-to-hcm-city-reach-us478-billion-in-nine-months-ff4e956400b7469da5b55db40b229132.jpg)
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