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.

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./.

VNF/VOV