Overseas remittances to Ho Chi Minh City stood at nearly $2.2 billion in the first quarter of 2023, a year-on-year increase of 19.41 per cent, according to the State Bank of Vietnam (SBV)’s branch in the city.

Remittances from Asia accounted for 43 per cent and rose 84 per cent against the same period last year.

Deputy Director of the SBV’s branch Nguyen Duc Lenh said the growth is a positive sign in the current context. The capital source will contribute to promoting production and trade as well as commercial services.

It also plays an important role in boosting local socio-economic development, helping to stabilize the forex market and attract FDI into the city.

Remittances to the city totaled about $6.6 billion last year, the most in the country.