Remittances to Ho Chi Minh city total 5.3 billion USD in 2019
(VOVWORLD) - Remittances to Ho Chi Minh city in 2019 totaled 5.3 billion USD, up 12% year on year, creating a strong engine for local socio-economic development and stability of Vietnam's foreign reserves.
Ho Chi Minh city was the biggest recipient of remittances in Vietnam.
According to the State Bank of Vietnam, 72% of the remittances was poured into manufacturing and business, 22% into real estate, and the remainder was used to support relatives of senders.
“Remittances, FDI, exports, and tourism are important sources of foreign currency supply and major contributors to Ho Chi Minh city’s socio-economic development,” said Nguyen Hoang Minh, Deputy Head of the State Bank of Vietnam branch in Ho Chi Minh city.