HANOI, April 25 (Xinhua) -- Vietnam's business hub, Ho Chi Minh City, received more than 2.1 billion U.S. dollars in remittances in the first quarter, up 19 percent from the previous year, Vietnam News Agency reported on Tuesday.
The remittance flows to the southern city, which often accounts for as much as 50 percent of all remittances to the Southeast Asian country, hit 6.6 billion dollars last year.
More than 40 percent of the capital to the city in the first three months came from Asia countries, up 84 percent from a year ago, said Nguyen Duc Lenh, deputy director of the State Bank of Vietnam's branch in Ho Chi Minh City.
Meanwhile, remittances from the United States, Africa and Oceania fell in the period due to rising inflation and slow economic growth, Nguyen said.
Remittances from Vietnamese overseas remain a key source of U.S. dollars for the country, and the figure for Ho Chi Minh City grows between 7 percent and 10 percent on average.
The capital has dropped in the past few years due to the adverse impact of the coronavirus pandemic and the Ukraine crisis.
The Southeast Asian country received 19 billion dollars of remittances last year, according to the State Bank.
More than 5.3 million Vietnamese are living and working in 130 countries and territories around the world, according to the State Commission for Overseas Vietnamese Affairs. ■