Remittances to HCM City hit US$1.4 billion in four months

14:36 | 20/05/2015 Finance - Banking

Vietnamese living abroad remitted around US$1.4 billion to HCM City in the first four months this year, 19.6% higher than last year’s same period.

Remittances to HCM City hit US$1.4 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 US$5.3 billion – US$5.5 billion.

According to the Central Institute for Economic Management (CIEM), foreign remittances to Vietnam rose constantly over the last 4 years, from US$9 billion in 2011 to US$10 billion in 2012, US$11 billion in 2013 and US$12 billion in 2014.

Source VOV News

Theo ven.vn