Remittances to Ho Chi Minh City hit USD1.4 billion in four months

Vietnamese living abroad remitted around USD1.4 billion to HCM City in the first four months this year, 19.6% higher than last year’s same period.

Vietnamese living abroad remitted around USD1.4 billion to HCM City in the first four months this year, 19.6% higher than last year’s same period.

Remittances to Ho Chi Minh City hit USD1.4 billion in four months

Deputy Director of the State Bank of Vietnam's, HCMC branch, Nguyen Hoang Minh attributed the increase to the peak remittance season falling in mid-February. As usual, the Lunar New Year - the peak remittance season – is often in the fourth quarter of the previous year.

Foreign remittances sending to HCM City in recent years saw a growth of 8-10% annually. Minh forecast that this year they are likely to hit around USD5.3 billion – USD5.5 billion.

According to the Central Institute for Economic Management (CIEM), foreign remittances to Vietnam rose constantly over the last 4 years, from USD9 billion in 2011 to USD10 billion in 2012, USD11 billion in 2013 and USD12 billion in 2014./.

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