The amount of remittances flowing to HCM City has continued to increase despite complicated economic changes in the world, reaching about US$6.8 billion this year.

According to Nguyen Duc Lenh, deputy director of the central bank’s HCM City Branch, the amount is lower than last year, but is still a good result.

He noted that over the years, HCM City has been a leading recipient of remittance inflows, with about $6.5-6.6 billion in 2021, up 9 per cent year on year despite the COVID-19 pandemic. Last year, the whole country received about $12.5 billion.

The figure is expected to surge in the rest of the year leading up to the Lunar New Year (Tet) festival, he said, adding that this is an important resource supporting the socio-economic development of the city and the stability of the foreign currency supply in the city and the country.

To prepare for the peak season of receiving remittances at year-end, many local banks have launched various promotion programmes to attract more money. — VNS