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Remittances to HCMC reaches US$2.119 billion in first quarter of 2023 |
Today, Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam branch, said that in the first quarter of 2023, the amount of remittances transferred to Ho Chi Minh City reached $2.119 billion, up 19.41 percent over the same period last year.
Remittance flows are a major source of income for all countries in Asia which has a stable economy and maintains their economic growth rate.
The amount of remittances transferred to Ho Chi Minh City in the first three months of the year has a high growth rate, equal to about 32 percent of the total amount of remittances transferred to the city in 2022.
Remittance flows from Asian countries to Ho Chi Minh City increased sharply in the first quarter of 2023, up 84 percent over the same period, while remittances flow to the southern largest city from other regions such as the Americas, Africa, and Oceania tended to decrease due to difficult economic conditions and rising inflation.
According to Mr. Nguyen Duc Lenh, remittance resources along with other capital sources from the economy contribute to the development of production, business, trade in services as well as participation in markets, promoting the city’s economic growth.
The amount of remittances to Ho Chi Minh City grew well in the first quarter of 2023 reflecting that the country’s governments have created an increasingly favorable investment environment. Additionally, it also shows the concern and patriotism of overseas Vietnamese and Vietnamese workers who have worked hard abroad.
